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Gold extends losses on weak global cues, silver slips

GOLD

New Delhi :Tracking a weak overseas trend and slackened demand from jewellers, gold continued its losing streak for the second straight day and plunged by Rs 110 to Rs 27,090 per 10 grams in the national capital today.

Silver also eased by Rs 235 to Rs 37,050 per kg on lack of buying support from industrial units and coin makers.

Traders said apart from weakening trend in global market, fall in demand from jewellers mainly kept pressure on precious metal prices.

Globally, gold fell 0.3 per cent to USD 1,162.80 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 110 each to Rs 27,090 and Rs 26,940 per 10 grams, respectively. It had lost Rs 135 yesterday.

Sovereign, however, remained flat at Rs 22,400 per piece of eight grams in limited deals.

Following gold, silver ready declined by Rs 235 to Rs 37,050 per kg and weekly-based delivery fell by Rs 220 to Rs 36,940 per kg.

Silver, however, held steady at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.

PTI