Gold slumps on fading demand; silver tanks below 37k mark

Gold today tumbled to its lowest level in two weeks at the domestic bullion market due to renewed selling by stockists as well as weak buying sentiment in the midst of global volatility.
Elsewhere, silver also remained under intense selling pressure and plunged below the Rs 37,000 mark following heavy unwinding by speculators and savvy traders.
Standard gold (99.5 purity) slumped by Rs 185 to finish at Rs 26,165 per 10 grams from Thursday's level of Rs 26,350.
Pure gold (99.9 purity) also dropped by a similar margin to close at Rs 26,315 per 10 grams compared to Rs 26,500.

Silver (.999 fineness) plummeted by Rs 565 to conclude at Rs 36,570 per kg, as against Rs 37,135 yesterday.
On the global front, the yellow metal drifted sharply due to a strong dollar and jittery investors ahead of the forthcoming Swiss referendum.
Spot gold traded lower at USD 1,183 an ounce in early European trades.