Gold continues to slide on lacklustre demand

Mumbai-India (Mar 17)  Gold prices dropped further at the bullion market here today due to reduced offtake by jewellery stockists and retailers amid global sluggishness.

Silver also declined in the absence of industrial buying support.

Standard gold (99.5 purity) shed by Rs. 125 to finish at Rs. 25,705 per 10 grams from overnight closing level of Rs. 25,830.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs. 25,855 per 10 grams as against Rs. 25,980.

Silver (.999 fineness) slumped by Rs. 140 to conclude at Rs. 36,040 per kg from Rs. 36,180 yesterday.

On the global front, the yellow metal traded near its three months low as traders waited on the sidelines ahead of the much-awaited Federal Reserve’s two-day policy meet commencing from today.

Spot gold was bid lower at $1,151.75 an ounce in early European trade.

Source: TheHIndu