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Gold, silver extends losses on weak global cues

Press Trust of India  |  Mumbai 

Gold remained weak for the second straight-day with prices falling by another Rs 125 per 10 grams at the bullion market here today, largely in tandem with a weakening trend overseas amid reduced demand from stockists and retailers.

Elsewhere, silver too moved down owing to lackluster industrial demand.

Besides weak trend overseas, traders said, a fall in demand from jewellers and shortage following Prime Minister Modi's shock withdrawal of high-value notes to fight "black money" mainly kept gold prices lower.

On the Global front, gold prices tumbled to 9-1/2 month lows, heading for a for a third consecutive weekly decline as investors sold on factors including expectations of a US rise.

Standard gold (99.5 purity) dipped by Rs 125 to end at Rs 28,855 per 10 grams from Thursday's closing level of Rs 28,980.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 29,005 per 10 grams against Rs 29,130 earlier.

Silver (.999 fineness) eased by Rs 75 to conclude at Rs 41,265 per kg as against Rs 41,340.

Spot gold was up 0.5 percent at USD 1,188.96 an ounce in early European trade.

Elsewhere, silver gained 1.3 percent to USD 16.45 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 25 2016. 18:13 IST