Gold, silver witness selling on lower demand

Gold prices fell on emergence of profit-taking after its four-day gain at the bullion market here today on reduced demand from stockists and traders as well as slackened local buying interest at the existing higher levels.
Silver also encountered speculative selling amid subdued industrial demand.
Standard gold of 99.5 per cent purity dropped by Rs 200 to close at Rs 30,310 per 10 gram from Tuesday's closing level of Rs 30,510.
Pure gold of 99.9 per cent purity slipped by a similar margin to end at Rs 30,455 per 10 gram from Rs 30,655 previously.
Silver ready (.999 fineness) dipped by Rs 535 to conclude at Rs 50,060 per kg from Rs 50,595 yesterday.

Overseas, gold declined as dollar gained from eight- month lows, though investors were still rooted by worries that the US budget deadlock could spill over into talks on raising the debt ceiling.
In London, gold was bid lower at USD 1,309.71 an ounce in early trade and silver was bid down at USD 22.09 an ounce.