Gold extends losses on sustained selling, global cues

Gold extended losses for the second straight session by falling Rs 50 to Rs 31,050 per ten grams in the national capital today on sustained selling by stockists amid a weakening global trend.
Silver lost Rs 300 to Rs 45,000 per kg on lack of buying support from jewellers and industrial units.
Traders said sustained selling by stockists against sluggish demand kept pressure on gold and silver prices.
A weak global trend after gold fell due to accord between Iran and world powers damped demand for a safe haven, also influenced the sentiment, they said.
Gold in Singapore, which normally sets price trend on the domestic front, lost 1.5 per cent to USD 1,225.55 an ounce and silver by 1.3 per cent to USD 19.61 an ounce.

Firm trend at equity market lured investors to park their funds for quick gains which further reduced the bullion demand, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained under selling pressure and shed Rs 50 each to Rs 31,050 and Rs 30,850 per ten grams, respectively. It had lost Rs 500 in the previous session.
Sovereign held steady at Rs 25,200 per piece of eight gram.
In line with a general weak trend, silver ready fell by Rs 300 to Rs 45,000 per kg and weekly-based delivery by Rs 455 to Rs 44,090 per kg. The white metal had lost Rs 570 in last trade.

However, silver coins spurted by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces on retail buying for gifting purpose in the ongoing marriage season.