Gold continues to slide on fading demand amid global selling

Written by PTI | Mumbai | Updated: Sep 4 2014, 03:13am hrs
Gold prices continued to drift at the domestic bullion market here today due to consistent selling by jewellery stockists and traders amid sluggish demand.

Silver also declined further on poor industrial buying support.

Standard gold (99.5 purity) shed by Rs 115 to finish at Rs 27,440 per 10 grams from Tuesday's closing level of Rs 27,555.

Pure gold (99.9 purity) also lost by a similar margin to settle at Rs 27,590 per 10 grams as compared to Rs 27,705.

Silver (.999 fineness) moved down by Rs 90 to end at Rs 42,650 per kg against Rs 42,740 yesterday.

Globally, the yellow-metal plummeted to hit 2-1/2 month low on strong dollar value and easing geopolitical tensions as well as key US macro data later this week.

Spot gold was sharply lower at USD 1,261.19 an ounce in early European trade.