Gold extends losses on global cues, muted demand

Amid weakening global trend and low demand from jewellers, gold prices drifted further by Rs 190 to Rs 26,060 per ten grams at the bullion market today.
Silver also eased by Rs 100 to Rs 33,400 per kg due to lack of buying support from industrial units and coin makers.
Marketmen said apart from a weak global trend, muted demand from jewellers and retailers at the domestic spot markets dampened the sentiment.
Globally, gold fell 0.3 per cent to USD 1,083.11 an ounce in Singapore, while in London it was trading 0.52 per cent down at USD 1,080.90 an ounce in early trade.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 190 each to Rs 26,060 and Rs 25,910 per ten grams, respectively. The precious metal had lost Rs 200 yesterday.
Sovereign, however, held steady at Rs 22,300 per piece of eight gram.
In a similar fashion, silver ready fell further by Rs 100 to Rs 33,400 per kg and weekly-based delivery by Rs 110 to Rs 33,415 per kg.
On the other hand, silver coins traded at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.