Gold slips on sustained selling

Gold extended losses for the second straight day by losing Rs 40 to Rs 18,345 per ten grams in the capital today on sustained selling by stockists on subdued demand at existing higher levels.

However, silver recovered by Rs 50 to Rs 29,250 per kg on some enquiries from industrial units.

Marketmen said sustained selling by stockists against reduced offtake at existing higher levels mainly led to the fall in gold prices.

Absence of marriage season demand and shifting of funds from bullion to equity also influenced the trading sentiment, they said. 

Gold of 99.99 per cent and 99.5 per cent purity declined further by Rs 40 each to Rs 18,245 and Rs 18,145 per ten grams, respectively. It had lost Rs 15 in the previous trade.

Sovereigns continued to be asked around their previous level of Rs 14,600 per piece of eight gram.

Silver ready witnessed some buying by industrial units and recovered by Rs 50 to Rs 29,250 per kg. Weekly-based delivery lacked necessary buying support and declined by Rs 45 to Rs 28,950 per kg.

Silver coins maintained around their previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.