Gold extends losses on global cues; Silver stages recovery
New Delhi-India (May 2) In a mixed pattern of trading, gold extended losses for the second straight day and prices fell by another Rs 160 to Rs 27,030 per ten grams in tandem with weak global market, while silver rebounded by Rs 510 to Rs 37,210 per kg on revival of buying by industrial units.
Traders said weakening global trend where gold fell to a six-week low on mounting speculation that the Federal Reserve is moving closer to raising US interest rates mainly kept pressure on gold prices.
Gold in New York, which normally determines price trend on the domestic front, fell 0.7 per cent to settle at USD 1,174.50 an ounce after touching USD 1,168.40, the lowest since March 20 in Friday's trade.
Source: TheTimesOf India