Gold falls further; silver below Rs 40,000/kg

Gold prices fell for the second straight day at the bullion market here today by losing Rs 40 per 10 grams owing to slackened demand from local jewellers even as the metal rose overseas.
Silver too extended its fall on sustained speculative selling to revisit the Rs 39,000-level on weak industrial demand.
Standard gold (99.5 purity) dropped by Rs 40 to end at Rs 29,690 per 10 grams from Monday's closing level of Rs 29,730.
Pure gold (99.9 purity) also moved down by a similar margin to Rs 29,840 per 10 grams as compared to Rs 29,880 earlier.
Silver (.999 fineness) dipped by Rs 635 to conclude at Rs 39,455 per kg as against Rs 40,090 previously.

Globally, Gold edged up from the previous day's two-week low as the dollar eased ahead of this week's Federal Reserve meeting, which is expected to provide more clues on the pace of US monetary tightening.
Spot gold was up 0.1 per cent at USD 1,308.36 an ounce at early trade, off the previous day's low of USD 1,304.10.
Among other precious metals, silver was down 0.2 per cent at USD 17.18 an ounce.