Mumbai: Gold prices continued its fall at the domestic bullion market here on heavy selling by stockist and jewellers amid bearish overseas cues. Silver tumbled to close below the key significant Rs 39,000 level due to frantic unwinding from speculative traders coupled with reduced industrial demand.
Standard gold (99.5 purity) dropped by Rs 205 to end at Rs 27,275 per 10 grams from Tuesday's closing level of Rs 27,480. Pure gold (99.9 purity) also fell by a similar margin to close at Rs 27,425 per 10 grams from Rs 27,630. Silver (.999 fineness) dipped by Rs 720 to conclude at Rs 39,520 per kg as against Rs 40,240 yesterday.
On the global front, gold fell in early European trade, extending the previous session's slide, as the dollar strengthened ahead of minutes from the Federal Reserve's latest policy meeting, which will be scrutinised for clues on the US rate outlook. Spot gold was down at USD 1,206.05 an ounce in early European trade, while silver was up at USD 17.07 an ounce, after falling 3.6 percent yesterday, its biggest one-day slide in three months.
