Gold extends losses, down Rs 60 on weak global cues

Gold remained weak for the third straight-day with prices falling by another Rs 60 to Rs 31,050 per 10 grams at the bullion market on Wednesday, on low demand from jewellers at domestic spot market amid weak global cues.

However, silver held steady at Rs 44,800 per kg in limited deals from industrial units.

Besides weak trend overseas, traders said, a fall in demand from jewellers at the domestic spot market mainly kept gold prices lower.

Globally, gold fell 0.96% to $1,310.50 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs 60 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. The precious metal had lost Rs 140 in the previous two sessions.

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 44,800 per kg, while weekly-based delivery shed Rs 5 at Rs 44,125 per kg.

Silver coins, however, continued to be asked at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.