Gold price extends losses on weak global cues; silver recovers

Mumbai-India (Sept 4)  Gold eased by Rs 50 to Rs 31,200 per 10 gram at the bullion market Tuesday on subdued demand from local jewelers amid a weak overseas trend.

However, silver rose by Rs 150 to Rs 37,850 per kg on scattered inquiries from industrial units and coin makers. Marketmen said gold fell in tandem with a weak global trend where the metal slipped Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.

Globally, gold fell 0.57 percent to USD 1,194 an ounce and silver by 1.25 percent to USD 14.28 an ounce in Singapore. Furthermore, sluggish demand from local jewelers and retailers at the domestic spot market put pressure on gold prices. In the national capital, gold of 99.9 percent and 99.5 percent purity shed Rs 50 each to Rs 31,200 and Rs 31,050 per 10 gram, respectively.

The precious metal had lost Rs 100 yesterday. Sovereign, however, remained steady at Rs 24,500 per piece of eight gram in limited deals. On the other hand, silver rose by Rs 150 to Rs 37,850 per kg and weekly-based delivery by Rs 75 to Rs 36,770 per kg.

Silver coins, however, remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

IBTnews