Gold extends losses on weak global cues, low demand

Gold prices eased further by Rs 40 to Rs 30,520 per 10 grams today amid weakening global trend and a sluggish demand from local jewellers at the bullion market.

Silver also slipped by Rs 75 to Rs 38,895 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said sentiment remained downbeat largely in sync with bearish trend overseas and subdued demand from local jewellers and retailers at the domestic spot markets.

Globally, gold fell 0.33 per cent to USD 1,208.10 an ounce and silver by 0.88 per cent to USD 15.29 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 40 each to Rs 30,520 and Rs 30,370 per 10 gram, respectively. The precious metal had lost Rs 25 in the last two days.

Sovereign gold, however, remained steady at Rs 24,600 per piece of eight gram.

In line with the overall trend, silver ready also declined by 75 to Rs 38,895 per kg and weekly-based delivery by Rs 20 to Rs 38,000 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.