Gold remains under intense selling; silver tanks below 37k

Gold continued to languish near its lowest level in more than two months at the bullion market here as stockists selling remained unabated for the third consecutive day on sliding demand amid extremely volatile overseas sentiments.
Silver too tumbled further to hit multi-month low and closed below the significant Rs 37,000 mark following heavy speculative unwinding.
Standard gold (99.5 purity) dropped by Rs 75 to finish at Rs 26,395 per 10 grams from Tuesday's closing level of Rs 26,470.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 26,545 per 10 grams compared to Rs 26,620 yesterday.

Silver (.999 fineness) slumped by Rs 200 to conclude at Rs 36,815 per kg against Rs 37,015 yesterday.
On the global front, the yellow-metal plunged further to a one-week low, extending its downfall for the fourth consecutive session spooked by developments surrounding talks between Greece and its creditors driven by strengthening dollar value as well as global rally in equities.
Widespread expectations of a mid-year Fed rate hike against the backdrop of robust US macro data added further pressure.
Spot gold was substantially lower at USD 1,176.70 an ounce in early European trading, while silver quoted weak at USD 15.87 an ounce.