Gold stretched losses for the third day at the domestic bullion market on Wednesday on continued selling by stockists and investors amid mute local buying interest as well as uncertain global cues.
Silver recovered on good speculative-demand on the back good industrial offtake.
Standard gold of 99.5 per cent purity dropped by Rs 195 to end at Rs 31,100 per ten grams from Tuesday’s closing level of Rs 31,295.
Pure gold of 99.9 per cent purity also dipped by Rs 190 to conclude at Rs 31,250 per ten grams as compared to Rs 31,440.
However, silver ready (.999 fineness) rose by Rs 510 to finish at Rs 50,530 per kilo from Rs 50,020 yesterday.
At overseas, gold moved up on investors hope that the US Federal Open Market Committee (FOMC) meet report later in the day would keep its stimulus intact for several more months.
Spot gold was bid higher at $1,349.14 an ounce in early trade, while spot silver bid up at $22.69 an ounce.