Gold remains weak amid poor buying sentiment

Mumbai, Nov 4: Gold prices slipped further at the domestic bullion market on Tuesday due to reduced off-take by stockists as well as retailers.

Elsewhere, silver continued its relentless fall owing to lack of industrial demand. Standard gold (99.5 purity) moved down by Rs 30 to settle at Rs 25,955 per 10 grams from the overnight closing level of Rs 25,985.

Pure gold (99.9 purity) eased by Rs 25 to end at Rs 26,105 per 10 grams against Rs 26,130 yesterday. Silver (.999 fineness) declined by Rs 50 to finish at Rs 36,800 per kg compared to Monday's level of Rs 36,850.

On the global front, the shiny metal recouped modestly after a seven straight sessions plunge on the back of stray demand, though dollar strength amid rate hike fears continued to act as a dampener.

Both the precious metals crashed to their lowest levels since 2010 in the midst of a massive unwinding by panic-stricken speculators and funds following US Fed's decision to end its bullion-friendly bond buying programme.

Spot gold was bid higher at USD 1,171.00 an ounce during the European morning trade, while silver was bid lower at USD 16.01 an ounce.

PTI