Gold continues to slide on weak demand, silver gains

Gold continues to slide on weak demand, silver gains MUMBAI: Gold prices dropped further at the domestic bullion market today on the back of subdued demand from stockists and jewellery traders amid poor investment off-take. In contrast, silver gained marginally, finding scattered low-level buying support and demand from industries. Standard gold of 99.5 per cent purity fell by Rs 150 per 10 gm to conclude at Rs 27,000 from Tuesday's closing level of Rs 27,150. Pure gold of 99.9 per cent purity declined by Rs 145 per 10 gm to end at Rs 27,145 from Rs 27,290. Silver ready (.999 fineness) rose by Rs 165 per kg to conclude at Rs 45,660 as against Rs 45,495 yesterday. Globally, precious gold remained under intense selling pressure, plunging more than one per cent due to sustained profit-taking by investors on concerns over large scale unwinding from gold exchange-traded funds. Gold for June delivery slumped USD 19.20 to settle at USD 1,448.80 an ounce on the Comex division of the NYMEX late yesterday. Silver July contract eased to settle at USD 23.81.