Gold slides further on selling amid lacklustre demand

Gold prices weakened further at the domestic bullion market on Saturday as selling remained unabated for the seventh-straight session due to consistent profit-taking by investors as well as sluggish demand at the existing levels.

Gold prices weakened further at the domestic bullion market on Saturday as selling remained unabated for the seventh-straight session due to consistent profit-taking by investors as well as sluggish demand at the existing levels.

Silver, on the other hand, gained marginally owing to stray industrial buying support.

Standard gold (99.5 purity) moved down by Rs 30 to settle at Rs 27,300 per 10 grams from Friday's level of Rs 27,330.

Pure gold (99.9 purity) also eased by Rs 35 to finish at Rs 27,445 per 10 grams as against Rs 27,480. Silver (.999 fineness), however, added Rs 40 to conclude at Rs 42,365 per kilo compared to overnight closing level of Rs 42,325.

Globally, the shiny-metal rebounded a tad after plunging to three-months low on short-covering after a weaker-than- expected US jobs data eased near term rate hike concerns.

Gold for December delivery finished higher USD 1,267.30 an ounce on the Comex division of the NYMEX late on Friday.

Silver for December contract closed up at USD 19.16 an ounce.