Gold slides on stockists selling, weak demand; silver tanks

Gold prices retreated sharply to hit a three-months low at the domestic bullion market here today due to fresh bouts of selling by stockists as well as poor local buying support.
Silver also plunged sharply on the back of frantic unwinding from speculative traders coupled with subdued industrial offtake.
Sluggish overseas cues predominantly dampened domestic sentiment where the shiny metal came under renewed selling to trade near the lowest level in over six years on growing expectations the US Federal Reserve will raise rates next month and also the surprise US Fed meeting tentatively scheduled for later today.
Standard gold (99.5 purity) slumped by Rs 250 to finish at Rs 25,250 per 10 grams from last Friday's closing level of Rs 25,500.

Pure gold (99.9 purity) also shed by a similar margin of Rs 250 to conclude at Rs 25,400 per 10 grams as against Rs 25,650 earlier.
Silver (.999 fineness) nosedived by a whopping Rs 670 per kg to end at Rs 34,325 compared to Rs 34,995 previously.
Globally, spot was sharply lower at USD 1,071.80 an ounce in early European trade, while silver cracked below USD 13 an ounce mark.