Gold extends losses; down Rs 50 on weak demand

New Delhi: Gold price fell for the second day today, down Rs 50 at Rs 29,600 per 10 grams on the bullion market amid weak overseas trend and easing demand from local jewellers. However, silver held steady at Rs 41,600 per kg in limited deals from industrial units and coin makers.

Traders said that apart from a weak trend overseas, where gold fell to almost two-week low, fading demand from local jewellers at domestic spot market kept pressure on prices.

Globally, gold prices fell 0.44 per cent to USD 1,270.40 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 50 each at Rs 29,600 and Rs 29,450 per 10 grams, respectively.

The precious metal had lost Rs 350 yesterday. Sovereign, however, held steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 41,600 per kg on scattered buying, while weekly-based delivery edged up by Rs 10 to Rs 40,950 per kg.

Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.