Mumbai: Gold prices slipped below 28,000 by falling Rs 205 per ten gram at the bullion market today, tracking a weak trend overseas amid reduced demand from jewellers.
Silver followed suit to eased by Rs 50 per kg on mild offtake by industrial units.
Standard gold (99.5 purity) dropped by Rs 205 to close at Rs 27,830 per 10 grams from last Friday's level of Rs 28,035. The level that has not been seen since February 10, 2016.
Pure gold (99.9 purity) also fell by a similar margin of Rs 205 to finish at Rs 27,980 per 10 grams from Rs 28,185. Silver (.999 fineness) eased by Rs 50 per kg to conclude at Rs 41,515 as against Rs 41,565 last Friday.
Globally, gold dipped slightly losing its lustre ahead of a key two-day meeting of the US Federal Reserve that is expected to deliver the second interest rate rise in a decade.
Spot gold slipped 0.3 percent to USD 1,157.96 an ounce in early trade, after briefly touching a 10-month low on Monday. US gold futures were down 0.5 percent at USD 1,160.70.
Silver was up 0.4 percent at USD 17 an ounce, after rising nearly 1.4 percent in the previous session.
