Gold, Silver Stretch Losses for Third Day

New Delhi, May 28 (PTI) Tracking weak trend overseas and low demand from jewellers, gold extended its slide for the third straight day as prices dropped by another Rs 25 to Rs 27,325 per 10 grams at the bullion market today.

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Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.

Gold, Silver Stretch Losses for Third Day

Sentiment remained weak, largely in line with a weakening trend overseas where gold held at 2-week low as prospects for an increase in US interest rates boosted the dollar, curbing demand for the metal as an alternative asset, traders reasoned.

In Singapore, which normally sets the price trend on the domestic front, the metal traded a tad lower at USD 1,187.36 an ounce from USD 1,188.09 on Wednesday. Silver too fell 0.2 per cent to USD 16.67 an ounce.

Besides, slack demand from jewellers due to the off-marriage season put pressure, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 25 each at Rs 27,325 and Rs 27,175 per 10 gram, respectively. It had lost Rs 125 in the past two days.

The sovereign also eased Rs 100 to Rs 23,700 per piece of 8 grams.

In line with the overall trend, silver ready moved down by Rs 260 to Rs 38,540 per kg and weekly-based delivery Rs 280 to Rs 38,295 per kg.

Silver coins of 100 pieces, however, continued to be traded at last level of Rs 56,000 for buying and Rs 57,000 for selling.


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