Gold extends losses, down Rs 90 on sluggish demand

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Gold extends losses, down Rs 90 on sluggish demand
Gold prices fell further by Rs 90 to close at Rs 28,175 per ten gram in the national capital today on sluggish demand from jewellers and retailers. However, silver inched up by Rs 25 to Rs 42,800 per kg on increased buying by industrial units.

Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices. Besides, diversion of funds towards the record-breaking equity market also weighed on gold prices, they said. In Delhi, gold of 99.9 and 99.5 per cent purity remained under pressure and shed another Rs 90 each to Rs 28,175 and Rs 27,975 per ten gram respectively. It had lost Rs 35 on Saturday's trade. Sovereign, however, remained steady at Rs 24,600 per piece of eight gram.

On the other hand, silver ready recovered by Rs 25 to Rs 42,800 per kg and weekly-based delivery by Rs 90 to Rs 42,140 per kg. The white metal had lost Rs 225 in the previous session. Silver coins continued to be asked at last level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

PTI

Read more about: gold
Story first published: Monday, September 1, 2014, 14:45 [IST]
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