Gold endures multi-month low on sluggish demand

Gold prices continued its dive for the seven-straight session to hit multi-month lows at the domestic bullion market here today due to consistent selling by speculators amid lack of local buying interest.
Silver also fell back owing to speculative unwinding coupled with reduced industrial offtake.
Standard gold (99.5 purity) dropped by Rs 100 to end at Rs 27,590 per 10 grams from overnight closing level of Rs 27,690.
Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 27,740 per 10 grams from Rs 27,840.
Silver (.999 fineness) slumped by Rs 320 to conclude at Rs 41,540 per kg as compared to Rs 41,860 yesterday.

Meanwhile, Globally, the yellow-metal recouped some of its recent losses on bargain hunting supported by geopolitical tensions in Ukraine.
Gold for June delivery climbed to USD 1,295 an ounce on the Comex division of the NYMEX late yesterday, while silver July contract also gained to settle at USD 19.52 an ounce.