Gold extends losses, sheds Rs 100 on muted demand

Gold extends losses, sheds Rs 100 on muted demand

New Delhi: Gold prices drifted lower by another Rs 100 to Rs 29,700 per 10 grams at the bullion market on Wednesday on tepid demand from local jewellers and a weak trend overseas.

Silver, however, recaptured the Rs 40,000-mark on scattered enquiries from consuming industries.

Traders said the local bullion market sentiment was subdued amid easing demand from jewellers and weak global cues as the US dollar strengthened against a basket of major currencies ahead of an annual meeting of central bankers this week.

Globally, gold prices fell 0.53 per cent to USD 1,284.40 an ounce in New York on Tuesday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 100 each to Rs 29,700 and Rs 29,550 per 10 grams, respectively. The precious metal had lost Rs 150 on Tuesday.

Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 40,000 per kg and weekly-based delivery by Rs 125 to Rs 39,020 per kg.

However, silver coins continued to be traded at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.