Silver drops further on hectic off-loading, gold also falls

Silver continued to slide at the bullion market here today due to heavy off-loading by stockists and speculators amidst weak global cues. 

Gold also declined owing to lack of local buying interest and jewellery demand.

Silver ready (.999 fineness) slumped by Rs 350 per kg to end at Rs 42,005 from overnight closing level of Rs 42,355.

Standard gold (99.5 per cent purity) moved down by Rs 40 per 10 grams to close at Rs 20,345 from Rs 20,385 yesterday.

Pure gold (99.9 per cent purity) also fell by a similar margin to settle Rs 20,445 per ten grams as compared with Rs 20,485 previously.

In New York, gold for December delivery moved down by $10.60 to $1,362.40 an ounce on the Comex Division of Nymex.

Silver for December delivery lost by 83 cents to $26.70 an ounce