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Gold extends losses, down Rs.50 on lacklustre demand

PTI | New Delhi |


Continuing to spiral downwards, gold prices on Saturday fell by another Rs.50 to Rs.27,800 per 10 grams at the bullion market owing to slackened demand from jewellers.

Silver, however, edged up by Rs.10 to Rs.38,810 per kg on scattered enquiries from industrial units.

Bullion traders said muted demand from jewellers and retailers at the domestic spot market kept pressure on gold prices but a firm trend in the global market capped the fall.

Globally, the precious metal's price rose 0.35 per cent to $1,132.20 an ounce in New York in Thursday's trade.

Trading volume remained thin in view of the prevailing cash crunch following demonetisation of high-value notes last month, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs.50 each to Rs.27,800 and Rs.27,650 per 10 grams, respectively. The precious metal had lost Rs.100 in last two days.

Sovereign, however, remained stable at Rs.24,000 per piece of eight grams.

On the other hand, silver ready edged up by Rs.10 to Rs.38,810 per kg, while weekly-based delivery held steady at Rs.38,925 per kg.

Silver coins, however, continued to be asked at previous level of Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.