Gold extends slide on stockists selling; silver tanks too

MUMBAI: Notwithstanding firm overseas trend, gold prices drifted further at the domestic bullion market here today on sustained selling by jewellery stockists and investors amid fading local demand.

Elsewhere, silver cut shot a two-day rally and plunged sharply following frantic selling from savvy traders and speculators.

Standard gold (99.5 purity) slumped by Rs 135 to finish at Rs 24,680 per 10 gm from overnight closing level of Rs 24,815.

Pure gold (99.9 purity) also dropped by a similar margin to settle at Rs 24,830 per 10 gm compared to Rs 24,965 previously.

Silver (.999 fineness) plummeted by a whopping Rs 705 to conclude at Rs 34,110 per kg as against Rs 34,815 yesterday.

In worldwide trade, the yellow-metal edged higher marginally on weak dollar, though failed to break above the significant $ 1,100 per ounce support level amid investors caution ahead of key macroeconomic data release later in the day.

Spot gold was lower at $ 1,090.70 an ounce in early European trade and silver was quoted weak at $ 14.54 an ounce.