Gold extends weakness, silver declines

Gold prices dropped further at the domestic bullion market here today amid a weak trend overseas and fall in demand from local jewellers.
On the other hand, silver too remained under selling pressure owing to reduced offtake from consuming industries.
Standard gold (99.5 purity) dropped by Rs 25 to finish at Rs 28,825 per 10 grams from Tuesday's closing level of Rs 28,850.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 28,975 per 10 grams compared to Rs 29,000.
Silver (.999 fineness) declined by Rs 75 to conclude at Rs 40,285 per kg against Rs 40,360 earlier.

Globally, gold held steady as investors weighed the increasing risk of a US interest rate increase next month against the simmering geopolitical tensions that have been supporting bullion.
Spot gold edged up 0.2 per cent at USD 1,264.83 per ounce at early trade after slipping earlier in the day.
In other precious metals, silver slipped 0.4 per cent to USD 17.30 an ounce though it was 0.6 per cent higher for the month.