Gold extends losses, down Rs 200 on muted demand

Traders said weak trend overseas, where gold declined as the dollar strengthened, weighed on gold prices here

Falling for the third straight day, gold prices declined further by Rs 200 to Rs 30,450 per 10 grams at the bullion market today amid easing demand from local jewellers weakness in global markets.

However, silver strengthened by Rs 50 to Rs 40,900 per kg on demand from industrial units and coin makers.

Traders said a weak trend overseas, where gold declined as the dollar strengthened, weighed on gold prices here.

Globally, gold fell 0.41 per cent to USD 1,274.80 an ounce in Singapore.

Besides, they said, end of festive season demand from local jewellers and retailers at domestic spot market dampened the buying sentiment.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 200 each to Rs 30,450 and Rs 30,300 per 10 grams, respectively. The precious metal had lost Rs 350 in the previous two sessions.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams.

On the other hand, silver ready advanced by Rs 50 to Rs 40,900 per kg and weekly-based delivery recaptured the Rs 40,000-mark by rising Rs 835 to Rs 40,710 per kg on speculative buying.

Silver coins, however, remained flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.