Gold skids to fresh 2-year low on intense selling; silver up

Gold prices continued its descent to hit fresh two-year lows at the bullion market following sustained selling by stockists and speculative traders.
The overall sentiment remained jittery after overnight brutal selloff -- its biggest one-day slump so far this year spooked by global commodity flash-crash.
Standard gold (99.5 purity) dropped by Rs 130 to conclude at Rs 25,120 per 10 gm from Monday's closing level of Rs 25,250.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 25,270 per 10 grams as against Rs 25,400.
However, silver staged a modest rebound on the back of stray industrial buying support.

Silver (.999 fineness) rose by Rs 75 to finish at Rs 34,725 per kg compared to Rs 34,650 yesterday.

Globally, the shiny-metal clawed back from its five year low to trade modestly higher on funds buying amid thin volume.
Gold has been under intense heavy selling pressure in recent weeks on strengthening dollar amid Fed rate hike fears.
Spot gold was marginally up at USD 1,104 an ounce in early European trading and silver was little changed at USD 14.76 an ounce.