Gold, silver extend losses on global cues, sluggish demand

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MUMBAI: Falling for the second day, gold prices went down by Rs 100 to settle at Rs 27,000 per 10 grams at the bullion market today, tracking a weak global trend amid subdued demand from jewellers in the domestic market.        

Silver also fell for the third day and traded lower by Rs 175 to close at Rs 36,850 per kg on poor offtake by industrial units and coin makers.

Bullion traders said weakening global trend where gold dipped below $1,200 an ounce as Asian equities climbed before an emergency European summit on Greece’s debt crisis, mainly kept pressure on the precious metal’s prices in New Delhi.

Gold in Singapore, which normally determine price trend on the domestic front, shed 0.4 per cent to $1,195.87 an ounce.

Besides, lower demand from jewellers and strengthening rupee against the dollar that made the imports cheaper, dampened the sentiment, they said.

At the forex market, rupee edged higher by 9 paise to 63.46 against the dollar (intra-day).

Bullion graphIn the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 100 each to settle at Rs 27,000 and Rs 26,850 per 10 grams, respectively. It had lost Rs 100 on Saturday’s trade.

Sovereign, however, continued to be traded at last level of Rs 23,300 per piece of eight grams.    

In a similar fashion, silver ready declined by Rs 175 to Rs 36,850 per kg and weekly-based delivery by Rs 125 to Rs 36,555 per kg.

On the other hand, silver coins remained flat at Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.

 

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