Gold slips further to Rs 22,720, silver down by Rs 400

New Delhi, May 3 (PTI) Both the precious metals, gold
and silver, fell further on Tuesday due to sustained selling
by stockists at prevailing high levels, amid a weakening
global trend. While gold fell by Rs 120 to Rs 22,720 per 10
grams, silver lost Rs 400 to Rs 67,400 per kg.
However, silver coins gained Rs 500 to Rs 73,000 for
buying and Rs 74,000 for selling of 100 pieces.
Trading sentiments remained weak as metals continued to
slid in global markets, amid fall in demand at existing high
levels, mainly pulled down both gold and silver prices.
In global markets, gold fell by USD 20.10 to USD 1,545.60
an ounce and silver fell by USD 4.01 to USD 43.93 an ounce in
New York.
On the domestic front, gold of 99.9 and 99.5 per cent
purity fell further by Rs 120 each to Rs 22,720 and Rs 22,600
per 10 grams, respectively. Sovereigns, however, remained
steady at Rs 18,400 per piece of eight grams.
Silver ready remained under selling pressure and lost
another Rs 400 to Rs 67,400 per kg, while weekly-based
delivery rebounded by Rs 1,450 to Rs 67,400 per kg on
speculative buying.