Gold, silver slide on low demand, global cues

Gold prices slid further at the domestic bullion market today on lack of buying interest from stockists and traders at current levels and bearish trend in the overseas markets.

Silver also dropped on heavy speculative selling on the back of subdued industrial demand.

Standard gold (99.5 purity) fell by Rs 115 to end at Rs 29,730 per 10 gm from Wednesday's closing level of Rs 29,845. Pure gold (99.9 purity) slipped by Rs 95 to close at Rs 29,880 per 10 gm from Rs 29,975.

Silver ready (.999 fineness) dipped by Rs 665 per kg to finish at Rs 53,295 as compared to Rs 53,960 previously.

In New York, gold declined further in the absence of any immediate steps or hint from European Central Bank on euro zone debt crisis.

Gold for August delivery went down by USD 16.60 to USD 1,590.70 an ounce on the Comex division of NYMEX late yesterday while September silver contract lost 54 cents to USD 27 an ounce.