Standard gold prices dropped further and closed below 26-K level at the bullion market here today on unabated selling pressure due to global bearishnessof the metal affecting the domestic sentiment despite the ongoing marriage season.
Silver also slid owing to sustained speculative selling and lack of industrial demand.
'Consumers are expecting further fall for the yellow metal amid sustained global bearishness', dealer said.
Standard gold (99.5 purity) dropped by Rs 105 to end at Rs 25,925 per 10 grams from Tuesday's closing level of Rs 26,030. (Maintaining its three-month lows as the prices have not settled this low since December 1).
Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 26,075 per 10 grams from Rs 26,180.
Silver (.999 fineness) slid by Rs 125 per kg to finish at Rs 36,370 as against Rs 36,495 previously.
Globally, in Europe gold dropped closed to its lowest in more than three months looking set for an eighth consecutive session of losses as a robust dollar and expectations of higher US interest rates curbed appetite for the metal.
In London, spot gold down to 0.2 percent at USD 1,158.55 an ounce in early trade, however, spot silver was up 0.6 percent at USD 15.71 an ounce.
