Gold continues to slide on global cues, silver plunge

Mumbai: Gold prices witnessed its uninterrupted fifth-session fall at the bullion market here today on heavy stockists and investors selling triggered by bearish global trend. Silver also encountered hectic speculative offloading. In the International market, gold dropped on strong dollar after Federal Reserve released its policy statement were it held steady with no new market stimulus.

Standard gold of 99.5 per cent purity fell by Rs 240 to close at Rs 28,460 per 10 grams from Tuesday`s close of Rs 28,700. Pure gold of 99.9 per cent purity also dipped by a similar margin of Rs 240 to finish at Rs 28,590 per 10 grams from Rs 28,830 previously. Silver ready (.999 fineness) tanked by Rs 1060 to conclude at Rs 55,150 per kg from Rs 56,210 on Tuesday.

In New York, gold for February delivery slipped USD 5.10 to USD 1,663.10 an ounce on the Comex division of the NYMEX late yesterday. While, March silver contract gained USD 26 cents to USD 31.26 an ounce.