Gold weakens on investors selling; silver hits Rs 38k mark

Gold prices declined marginally, snapping a three-straight session rally on the bullion market here due to renewed selling by investors as well as reduced local buying support at existing levels.
On the other hand, silver maintained its strong momentum and closed above the key Rs 38,000 benchmark on consistent speculative demand.
Standard gold (99.5 purity) fell by Rs 40 to conclude at Rs 27,005 per 10 grams from Wednesday's closing level of Rs 27,045.
Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 27,155 per 10 grams compared to Rs 27,195.
However, silver (.999 fineness) strengthened by Rs 160 to finish at Rs 38,085 per kilo as against Rs 37,925 yesterday.

In worldwide trade, the shiny-metal remained under pressure on continued funds selling even as sluggish US growth data failed to enthuse sentiment amid cautious comments from the Federal Reserve.
Spot gold was substantially lower at USD 1,205.20 an ounce in early European trade, while silver quoted modestly hight at USD 16.67 an ounce.