Gold slips further to Rs22,720, silver down by Rs400

Both the precious metals, gold and silver, fell further today due to sustained selling by stockists at prevailing high levels, amid a weakening global trend. While gold fell by Rs120 to Rs22,720 per 10 grams, silver lost Rs400 to Rs67,400 per kg.
    
However, silver coins gained Rs500 to Rs73,000 for buying and Rs74,000 for selling of 100 pieces.
    
Trading sentiments remained weak as metals continued to slid in global markets, amid fall in demand at existing high levels, mainly pulled down both gold and silver prices.
    
In global markets, gold fell by $20.10 to $1,545.60 an ounce and silver fell by $4.01 to $43.93 an ounce in New York.
    
On the domestic front, gold of 99.9% and 99.5% purity fell further by Rs120 each to Rs22,720 and Rs22,600 per 10 grams, respectively. Sovereigns, however, remained steady at Rs18,400 per piece of eight grams.
    
Silver ready remained under selling pressure and lost another Rs400 to Rs67,400 per kg, while weekly-based delivery rebounded by Rs1,450 to Rs67,400 per kg on speculative buying.