Gold extends losses on global cues, sluggish demand

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Falling for the second straight day, gold prices drifted by Rs 160 to Rs 25,690 at the bullion market, taking negative cues from the overseas markets amid muted demand from jewellers.

Silver remained under selling pressure and lost another Rs 200 to Rs 33,500 per kg.Bullion traders said a weak overseas trend and easing demand from jewellers and retailers mainly kept pressure on the precious metal here.

Globally, gold fell 1.31 per cent to $1,060.10 an ounce and silver by 1.73 per cent to $13.65 an ounce in New York in Monday’s trade.

Moreover, slackened demand from jewellers and retailers due to the end of wedding season dampened sentiment.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 160 each to Rs 25,690 and Rs 25,540 per 10 grams, respectively. The precious metal had lost Rs 150 on Monday.
Sovereign, however, remained flat at Rs 22,200 per piece of eight grams in limited deals.
 Tracking gold, silver ready dropped Rs 200 to Rs 33,500 per kg and weekly-based delivery by Rs 340 to Rs 33,515. Silver coins too plummeted by Rs 1,000 to Rs 47,000 for buying and Rs 48,000 for selling of 100 pieces.

 

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