Gold price extends fall on global cues, sluggish demand
Mumbai-India (Nov 2) Continuing its losing streak for the fourth straight day, gold prices eased further by Rs 10 to Rs 26,810 per ten grams at the bullion market today, tracking a weakening global trend and slackened demand from jewellers.
Silver also dropped Rs 270 to Rs 36,500 per kg on reduced offtake by industrial units and coin makers.
Traders said sentiment remained weak as gold retreated to the lowest level in four weeks in global markets on renewed concern that the Federal Reserve will increase US interest rates in December, denting demand for the metal as a store of value.
Globally, gold fell 0.7 per cent to USD 1,134.39 an ounce, the lowest level since October 5 in Singapore.
Besides, muted demand from jewellers and retailers weighed on the precious metals.
In the national capital, gold of 99.9 and 99.5 per cent purity weakened by Rs 10 each to Rs 26,810 and Rs 26,660 per ten grams, respectively. It had lost Rs 445 in the previous three sessions.
Sovereign, however, remained steady at Rs 22,400 per piece of eight grams.
In line with gold, silver ready fell by Rs 270 to Rs 36,500 per kg and weekly-based delivery by Rs 65 to Rs 36,425 per kg.
Silver coins, however, continued to be asked at previous level of Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.