Gold price and silver extend losses on global cues, low demand

Mumbai-India (Aug 12)  Gold remained weak for the second day by losing Rs 75 to Rs 31,050 per 10 grams at the bullion market largely in line with a weakening global trend amid sluggish demand from jewellers at domestic spot market.

Silver followed suit and lost Rs 100 to Rs 46,850 per kg.

Traders said sentiment remained bearish on the back of a weakening global trend where gold declined as speculation that central banks will remain supportive of growth underpins gains in global equities, curbing demand for a haven.

Globally, gold fell 0.04 per cent to USD 1,337.70 an ounce in Singapore.

Furthermore, easing demand from jewellers as well as retailers at the domestic spot market fuelled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 75 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. The precious metals had lost Rs 155 in Thursday’s trade.

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams.

Following gold, silver ready traded lower by Rs 100 to Rs 46,850 per kg and weekly-based delivery by Rs 275 to Rs 46,555 per kg.

Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Source: TheHindu