Gold slips further; silver sinks on speculative selling…

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Gold prices dropped further at the domestic bullion market today owing to lacklustre buying activity amid overseas weakness. Elsewhere, silver plunged sharply on the back of heavy speculative unwinding coupled with poor industrial buying support.

Standard gold (99.5 purity) fell by Rs. 120 to finish at Rs. 25,685 per 10 grams compared to Thursday’s level of Rs. 25,805. Pure gold (99.9 purity) also shed by a similar margin to end at Rs. 25,835 per 10 grams from Rs. 25,955.

Silver (.999 fineness) dropped sharply by a whopping Rs. 705 to conclude at Rs. 35,210 per kg against Rs.35,915 yesterday. On the global front, the shiny metal plummeted nearly one per cent as strengthening dollar continued to weigh on demand for the safe—haven metal and also steady outflows from gold—backed funds.

Spot gold was bid lower at $1,153.30 an ounce in early European trades.

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