Gold, silver fall on global cues

Mumbai, Oct 19: Gold prices slid further at the domestic bullion market here on Tuesday on hectic selling by investors and stockists following a drop in global markets. Silver also tumbled on heavy speculative sell-off as well as poor industrial support.

Standard gold (99.5 purity) dipped by Rs 150 per 10 grams to end at Rs 26,590 from Monday's close of Rs 26,740. Pure gold (99.9 purity) also slumped by Rs 145 per 10 grams to close at Rs 26,715 from Rs 26,860 yesterday.

Silver ready (.999 fineness) tanked by Rs 1,055 per kg to finish at Rs 52,530 as compared to Rs 53,585 previously. In London, gold fell on strengthening dollar amidst rising concern over eurozone debt crisis and slowdown in Chinese growth. Spot gold bid lower at USD 1,657.89 an ounce in early trade and spot silver was bid down at USD 30.99 an ounce.

PTI