Gold, silver extend losses on low demand, global cues

Mumbai-India (Jan 9)  Taking weak cues from global markets and easing demand at domestic spot markets, gold prices fell for the second day, ending Rs 100 lower at Rs 27,250 per 10 gram at the bullion market on Friday.

Silver also lost Rs 350 to Rs 36,950 per kg on lack of buying support from industrial units and coin makers.

Besides, appreciating rupee against the dollar that made the import of precious metals cheaper, weighed on the precious metal prices, marketmen said.

Globally, gold in New York, which normally determine price trend on the domestic front, fell by 0.18 per cent to USD 1,208.90 an ounce and silver by 0.94 per cent to USD 16.38 an ounce in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity were under pressure and moved down by another Rs 100 each to Rs 27,250 and Rs 27,050 per 10 gram respectively. It had lost Rs 220 yesterday.

In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.

On the other hand, silver coins were enquired at previous level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Source: TheHindu