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Gold dips Rs 60 to Rs 26,570/10 gm, silver drops Rs 550 to Rs 44,600/kg

Gold prices fell further at the bullion market here on Wednesday in listless trade amid weak demand from investors and traders despite a recovery at global level.

Silver maintained its falling trend on consistent speculative profit-taking and dropped below the Rs 45,000 per kg mark.

Standard gold of 99.5 per cent purity eased by Rs 60 to close at Rs 26,570 per 10 gms from Tuesday's closing level of Rs 26,630. Pure gold of 99.9 per cent purity went down by Rs 55 to end at Rs 26,710 per 10 gms from Rs 26,765.

Silver ready (.999 fineness) dropped by Rs 550 to conclude at Rs 44,600 per kg from Rs 45,150 previously. 'The trading was dull due to religious holiday and also because global uncertainty continues to weigh on the sentiment,' dealers said.

In overseas market, gold rose on good physical demand following previous session drop and support from weak German data, which kindled hopes that European Central Bank (ECB) could cut interest rates. But investor confidence was still shaky after recent tumble as well as sustained outflows from exchange-traded funds.

In the European market, spot gold was bid up at $1,421.81 an ounce in early trade, while silver was bid higher at $22.97 an ounce.
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