4:56 pm - Tuesday June 29, 2934

Gold, silver extend losses on global cues, sluggish demand

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Gold remained under pressure for the second straight day and declined by Rs 100 to Rs 28,100 per 10 grams in the national capital on Friday on weak cues from global markets and subdued demand from jewellers.

Silver followed suit and lost Rs 600 to Rs 44,400 per kg.

Traders said a weakening global trend as the outlook for improving economic growth and strengthening of the dollar curbed demand for the precious metal as a safe-haven mainly kept pressure on gold and silver prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell 0.2 per cent to USD 1,291.64 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 28,100 and Rs 27,900 per 10 grams, respectively. It had lost Rs 160 on Thursday.

Sovereign also declined by Rs 200 to Rs 24,700 per piece of eight grams.

In a similar fashion, silver ready dropped by Rs 600 to Rs 44,400 per kg and weekly-based delivery by Rs 620 to Rs 44,015 per kg. The white metal had lost Rs 400 in the previous session.

Silver coins also tumbled by Rs 2,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

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