Gold dives to near one-month low as demand slumps

Gold prices dropped to the lowest level since early October at the domestic bullion market here today due to subdued demand from jewellery stockists and retailers as well as poor local buying interest at existing levels.
Elsewhere, silver also drifted further due to heavy speculative unwinding amid sluggish industrial off-take.
Standard gold (99.5 purity) slipped by Rs 115 to end at Rs 26,275 per 10 grams from overnight close of Rs 26,390.
Pure gold (99.9 purity) also slipped by a similar margin to finish at Rs 26,425 per 10 grams compared to Rs 26,540 previously.
Silver (.999 fineness) tumbled by Rs 260 per kg to conclude at Rs 36,570 from Rs 36,830 yesterday.

On the global front, the yellow-metal continued to languish near 4-week low on speculation that the Federal Reserve will raise interest rates at its next meeting in December.
Spot was trading marginally lower at USD 1,131.70 an ounce in early European session, while silver quoted soft at USD 15.31 an ounce.