Gold,silver slump on speculative sell-off,weak demand

Standard gold 99.5 purity shed by Rs 230 per 10 gm to end at Rs 30,900 from last Saturday8217;s closing level of Rs 31,130.

Pure gold 99.9 purity went down by Rs 235 per 10 gm to close at Rs 31,040 from Rs 31,275.

Silver ready .999 fineness declined by Rs 260 per kg to finish at Rs 60,250 as compared to Rs 60,510 last weekend.

On the global front,gold were trading modestly higher in European trade after rebounding from its weekend8217;s biggest one-day drop in more than three months on bargain hunting at low levels amid softening dollar valuation.

Spot gold was bid higher at USD 1,724.45 an ounce and silver up at USD 32.19 an ounce.