Gold declines on lacklustre demand

Gold declined for the third straight day at the bullion market here today on reduced demand from jewellers and retailers amid subdued local buying, even as the US Federal Reserve raised the range of its benchmark interest rate by 0.25 per cent.
Elsewhere, silver continued its increased momentum for the second straight session on the back of sustained speculative demand coupled with strong industrial buying support.
Standard gold (99.5 purity) declined by Rs 35 to settle at Rs 25,150 per 10 grams compared to overnight close of Rs 25,185.
Pure gold (99.9 purity) also was down by a similar margin to end at Rs 25,300 per 10 grams compared to Rs 25,335 yesterday.

Silver (.999 fineness) shot-up by Rs 400 to conclude at Rs 34,170 per kg as against Rs 33,770.
Globally, gold fell, while the dollar surged after the US central bank increased interest rates for the first time in nearly a decade and hinted at more increases in 2016.
Spot gold dipped 0.7 percent to USD 1,066 an ounce in early trade, just USD 23 above a near-six-year low hit earlier this month.
Silver was down 0.6 percent at USD 14.08.