Gold slips amid volatility, FOMC outcome

Gold prices declined further and closed below the significant Rs 27,000 per 10 grams mark at the domestic bullion market here today due to sustained selling by stockists as well as poor local buying interest.
On the other hand, silver regained some lost ground after a sharp overnight plunge on the back of renewed speculative demand.
The overall sentiment is crammed with anxiety at this moment and traders foresee a sizable risk to take long positions ahead of the US Fed's final taper decision tomorrow, a bullion dealer said.
Standard gold (99.5 purity) declined by Rs 75 to close at Rs 26,980 per 10 grams compared to Monday's level of Rs 27,055.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 27,130 per 10 grams from Rs 27,205.
Silver (.999 fineness), however rose by Rs 100 to conclude at Rs 39,115 per kg against Rs 39,015 yesterday.
On the global front, the shiny metal remained under selling pressure amid investor's caution ahead of the much anticipated US central bank decision.
Spot gold was bid lower at USD 1,222.20 an ounce in early European trade.