Gold, silver slide on selling, weak demand

MUMBAI: Gold continued to lose ground, ending down for a fifth session at the bullion market here today on steady profit taking by stockists and traders coupled with absence of any large-scale retail demand despite the ongoing festival season.

Silver also fell on reduced speculative demand from investors.

Standard gold (99.5 purity) declined by Rs 90 per 10 gm to end at Rs 30,675 from Thursday's closing level of Rs 30,765.

Pure gold (99.9 purity) dipped by Rs 60 per 10 gm to conclude at Rs 30,840 from Rs 30,900.

Silver ready (.999 fineness) dropped by Rs 135 per kg to finish at Rs 60,140 as compared to Rs Rs 60,275 yesterday.

In Europe, gold traded lower on investor selling amid disappointing corporate earnings reports as well as caution over US third-quarter growth data.

Spot gold was bid down at $ 1,703.86 an ounce (28 gm) in early trade and silver was bid lower at $ 31.72 an ounce.