Gold prices took a further hit at the domestic bullion market in Mumbai on Wednesday due to heavy unwinding from stockists and investors triggered by a massive overnight sell-off in global markets.
Silver continued its slide on hectic speculative profit- taking along with sluggish industrial offtake.
On the global front, precious metals came under heavy selling aftermath of the Federal Reserve decision to keep interest rates low till 2014 amid fading expectations of another round of monetary easing measures on the backdrop of improving US growth outlook.
Standard gold of 99.5 per cent purity slumped by Rs 350 to end at Rs 27,370 per 10 grams from Tuesday's closing level of Rs 27,720.
Pure gold of 99.9 per cent purity also tumbled by a similar margin to finish at Rs 27,500 per 10 grams from Rs 27,850 previously.
Silver ready (.999 fineness) dropped by Rs 340 per kg to conclude at Rs 57,490 as against Rs 57,830 yesterday.
In Europe, spot gold was bid lower at USD 1,660 an ounce in early trade.
