Gold extends losses on selling by stockists, global cues

Posted By: Staff
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Gold extends losses on selling by stockists, global cues
New Delhi, Aug 25 (PTI) Falling for the ninth straight day, gold prices declined by Rs 70 to Rs 28,030 per 10 grams in the national capital today on sustained selling by stockists amid a weakening global trend. However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.

Traders said sustained selling by stockists, triggered by a weakening global trend where gold fell towards a two-month low as investors assessed whether the US economy is strong enough for the Federal Reserve to raise rates, kept pressure on gold prices. Besides, sluggish demand from jewellers and retailers amid strengthening rupee against the US dollar, making imports cheaper, dampened gold prices. Gold in Singapore, which normally sets price trend on the domestic front, lost 0.5 per cent to USD 1,274.45 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity remained under pressure and surrendered another Rs 70 each to Rs 28,030 and Rs 27,830 per 10 grams, respectively.

The yellow metal had lost Rs 720 in previous eight sessions. Sovereign, however, remained steady at Rs 24,600 per piece of eight grams on scattered buying support. On the other hand, silver ready held steady at Rs 42,600 per kg while weekly-based delivery shed Rs 55 to Rs 41,900 per kg. Silver coins continued to be traded at last level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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