Gold extends downtrend amid selling; Fed outcome in focus

Gold prices declined further at the domestic bullion market today due to continued profit-taking by stockists and investors amid global bearishness ahead of the outcome of Fed minutes.
Silver plunged on the back of sustained unwinding by speculative traders as well as subdued industrial demand.
Standard gold (99.5 purity) dropped by Rs 125 to end at Rs 28,065 per 10 grams from overnight level of Rs 28,190.
Pure gold (99.9 purity) also fell by same margin to conclude at Rs 28,215 per 10 grams against Rs 28,340.
Silver (.999 fineness) shed by Rs 455 to finish at Rs 43,210 per kg as compared with Rs 43,665 yesterday.

Globally, gold remained under intense selling pressure and traded firmly below the psychological USD 1,300 an ounce mark amid caution ahead of the much awaited minutes of the Federal Reserve's July meet as well as monetary policy outlook.
Spot gold was lower at USD 1,295.44 an ounce in early European trade.