Silver dips further on profit selling, gold trade lacklustre

MUMBAI: Silver prices drifted further at the domestic bullion market here today on sustained profit-taking by stockists and speculators following bearish trend overseas.

Meanwhile, gold traded lacklustre and ended almost flat on subdued local buying interest amid poor jewellery offtake.

In Europe, silver steadied after yesterday's steep fall, while gold gained from weaker dollar, which came under pressure ahead of a US Federal Reserve interest rate decision.

Silver ready (.999 fineness) slumped by Rs 740 per kg to end at Rs 69,130 from Tuesday's closing level of Rs 69,870.

Standard gold (99.5 purity) softened by Rs 5 per 10 grams to finish at Rs 21,795 from Rs 21,800 yesterday.

Pure gold (99.9 purity) closed unchanged at Rs 21,900 per 10 grams.

Spot gold was bid at USD 1,506.90 an ounce in early trade, while spot silver was bid flat at USD 45.48 an ounce.