Gold extends slide on weak global cues, silver recovers

Mumbai: Continuing losses for the second straight session, gold prices plunged by Rs 90 per ten grams at the bullion market here today, in sync with a weakening global trend amid slack demand from local jewellers.

However, silver recovered marginally by Rs 25 to Rs 38,385 per kg on renewed offtake from industrial units.

Standard gold (99.5 per cent purity) declined by Rs 90 to close at Rs 30,395 per 10 grams from Thursday’s closing level of Rs 30,485.

Pure gold (99.9 per cent purity) also fell by the same amount to close at Rs 30,545 per 10 grams compared to Rs 30,635 earlier.

Silver (.999 fineness) rose by Rs 25 to conclude at Rs 38,385 per kg as against Rs 38,360 yesterday.

Globally, Gold prices edged down after the potential for easing tensions with North Korea snapped safe-haven demand ahead of a US labour market report that could support more increases to interest rates.

Spot gold was down 0.2 per cent at USD 1,319.85 an ounce at early trade and on track for a third consecutive weekly decline.

In other precious metals, silver slipped 0.3 per cent to USD 16.45 an ounce.