Gold tanks on heavy unwinding; silver extends losses

Written by PTI | Mumbai | Updated: May 1 2014, 01:08am hrs
Gold prices today dropped to below Rs 30,000 per 10 grams mark at the bullion market here on heavy selling from speculators and large investors amid global uncertainty ahead of US Fed policy meet outcome.

Silver continued its slide for the fourth straight session on the back of offloading by stockists as well as subdued industrial demand.

Standard gold (99.5 purity) slumped by Rs 155 to end at Rs 29,930 per 10 grams from overnight close of Rs 30,085.

Pure gold (99.9 purity) also fell by Rs 155 to settle at Rs 30,080 per 10 grams from Rs 30,235 yesterday.

Silver (.999 fineness) tanked by Rs 300 to end at Rs 42,840 per kg from Tuesday's level of Rs 43,140.

Globally, the yellow metal edged lower in listless trade as cautious investors awaited the US Federal Reserve policy statement as well as key economic data.

Spot gold was bid down at USD 1,293.21 an ounce in early European trade.