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Extending its fall for the fifth straight session, gold drifted further at the bullion market here today on subdued offtake by jewellery stockists and traders amid bearish overseas cues.
Silver slipped due to renewed speculative selling as well as reduced industrial buying.
Standard gold (99.5 purity) declined by Rs 70 to close at Rs 27,105 per 10 grams from Friday’s closing level of Rs 27,175.
Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 27,255 per 10 grams from Rs 27,325.
Silver (.999 fineness) tanked by Rs 310 to finish at Rs 39,315 per kg compared with Rs 39,625 yesterday.
Globally, the yellow metal settled slightly lower yesterday as traders anticipated a rate hike by the Federal Reserve later this year.
Gold had yesterday gained from a better-than-expected CPI reading for April in the US.
Gold for June delivery had settled down at $1,204 an ounce on the Comex division of the NYMEX late yesterday and July silver contract had also ended lower at $17.051 an ounce.
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