Gold Extends Losses on Weak Global Cues, Subdued Demand

The slide in gold continued unabated for the fifth straight day as prices fell by Rs 40 to Rs 26,750 at the bullion market today, tracking a weak global trend and sluggish demand from jewellers at domestic market.

Silver, however, found some buying support from industrial units and recovered by Rs 150 to Rs 36,550 per kg.

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Bullion traders attributed persistent fall in gold to a weakening global trend and low demand at domestic physical markets from jewellers.

Gold in New York, which normally sets the price trend on the domestic front fell 0.25 per cent to USD 1,175 an ounce in yesterday's trade.

Besides, diversion of funds towards rising equity reduced precious metals demand, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 40 each to Rs 26,750 and Rs 26,600 per 10 grams, respectively. The precious metal had lost Rs 410 in the previous four sessions.

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

On the other hand, silver ready recovered by Rs 150 to Rs 36,550 per kg and weekly-based delivery by Rs 95 to Rs 36,205 per kg.

Meanwhile, silver coins after moving in a narrow range on scattered buying and selling, settled at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.

PTI