Gold, silver slip on global sluggishness, weak demand

Gold continued its downtrend for the third day at the bullion market here on Wednesday, due to consistent investor selling as well as subdued local buying interest following bearish foreign sentiment. Silver also dropped further on renewed speculative profit taking amid poor industrial support. Standard gold of 99.5 per cent purity declined by Rs 85 to finish at Rs 27,415 per 10 grams from its overnight closing level of Rs 27,500.

Pure gold of 99.9 per cent purity went down by Rs 90 to end at Rs 27,540 per 10g from Rs 27,630 yesterday.

Silver ready (.999 fineness) slumped by Rs 230 to close at Rs 51,955 per kg from Tuesday's close of Rs 52,285.  In New York, gold drifted lower in the absence of speculative fund buying in thin year-end trading amid positive US economic data which off-set safe haven investment demand.