Gold extends slide on global cues, sluggish demand

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NEW DELHI

Tracking a weak trend overseas and low demand from jewellers, gold continued its slide for a second day and lost Rs 75 to trade at fresh a four-month low of Rs 25,625 at the bullion market on Wednesday.

Silver, however, held steady at Rs 34,100 per kg.

Traders said sentiment remained bearish largely on weak global trend where gold slumped to over five-year lows as a report showed a pick up in US consumer prices, strengthening bets that the Fed will raise interest rates next month.

Besides, the dollar traded at its strongest in more than a decade, too weighed on gold prices, they said.

Globally, gold today fell 0.5 per cent to USD 1,064.55 an ounce, the lowest level since February 2010 in Singapore, while it ended 1.14 per cent lower at USD 1,069.80 an ounce in New York on Tuesday.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 75 each to Rs 25,625 and Rs 25,475 per 10 grams respectively. The precious metal lost Rs 450 yesterday.

Sovereign, however held steady at Rs 22,200 per piece of eight grams.

On the other hand, silver ready ruled steady at Rs 34,100 per kg, while weekly-based delivery edged up by Rs 25 to Rs 33,665 per kg.

Silver coins continued to be asked at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

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