Gold extends losses on weak global cues

On a downward spiral, gold prices today declined further by Rs 20 to close at Rs 14,810 per ten gram in the bullion market on sustained selling by stockists influenced by weakening global trend.     

Silver also dropped by Rs 150 to Rs 22,550 per kg on reduced offtake by industrial units.     

Marketmen said sustained selling by stockists amid weakening trend in overseas market mainly led to the fall in the gold prices. The metal in London lost 55 cents to $939.05 an ounce, they said.     

Buying activity also declined due to off marriage and festival season.     

Standard gold and ornaments fell by Rs 20 each to Rs 14,810 and Rs 14,660 per ten gram respectively.

However, sovereign remained steady at Rs 12,400 per piece of eight gram.     

Silver ready and weekly-based delivery also fell by Rs 150 each to Rs 22,550 and Rs 22,450 per kg respectively.     

Silver coins lost Rs 100 at Rs 29,000 for buying and Rs 29,100 for selling of 100 pieces.