Gold, silver continues to slide on weak global cues

New Delhi, Jan 15 (PTI) Both the precious metals, goldand silver continued to slide for the third straight day onincreased selling by stockists in tandem with a weak trend inoverseas markets.

While silver dropped by Rs 500 to Rs 44,000 per kg,gold by Rs 145 to Rs 20,535 per 10 grams.

Selling pressure gathered momentum as gold plungedin global markets as regaining confidence that European Unionleaders might stabilise the bloc''s economy, reducing theappeal of the metal as a haven.

Gold in global markets, which normally set a trendon the domestic front here, tumbled by 12.20 dollar to 1361.80dollar an ounce.

Besides, retail customers refraining to buy preciousmetals at existing higher levels, further influenced themarket sentiment.

On the domestic front, silver ready remained underpressure and dropped further by Rs 500 to Rs 44,000 per kg andweekly-based delivery by Rs 505 to Rs 43,815 per kg.

Silver coins declined by Rs 200 to Rs 50,300 for buyingand Rs 50,400 for selling of 100 pieces.

In a similar fashion, gold of 99.9 and 99.5 per centpurity fell by Rs 145 each to Rs 20,535 and Rs 20,415 per 10grams, respectively. Sovereign followed suit and lost Rs 50 toRs 16,900 per piece of eight grams.