Gold extends losses on global cues; silver rises

July 30, 2014

Mumbai-India (July 30)   Extending losses for the second day, gold prices on Wednesday fell by Rs 150 to Rs 28,200 per 10 gram in the national capital on a weakening global trend.

 However, silver recovered by Rs 400 to Rs 44,800 per kg on increased off take by industrial units and coin makers.

 Traders said besides sustained selling by stockists, a weakening trend in overseas market mainly weighed on gold prices.

 Sluggish domestic demand too put pressure on gold prices, they said.

 Gold in New York, which normally sets price trend on the domestic front, fell by 0.36 per cent to $1,298.80 an ounce in Tuesday's trade.

 In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 150 each to Rs 28,200 and Rs 28,000 per ten gram respectively.

 It had shed Rs 20 on Tuesday.

 Sovereign followed suit and lost Rs 200 at Rs 24,700 per piece of eight gram.

 On the other hand, silver ready rebounded by Rs 400 to Rs 44,800 per kg and weekly-based delivery by Rs 65 to Rs 44,235 per kg.

 The white metal had lost Rs 400 in the previous session.

 Silver coins, however, moved in a tight range in scattered deals and settled at last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Source: rediff

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