Gold extends losses on weak global cues, silver slips

After rising for four straight sessions, gold prices today dropped by Rs 220 per 10 grams at the bullion market, reflecting weak global cues amid reduced demand from jewellers.
Silver also slipped on selling pressure and lost Rs 805 to trade below the Rs 42,000-mark at Rs 41,875 per kg.
Standard gold (99.5 purity) dropped by Rs 220 to end at Rs 28,995 per 10 grams from Thursday's finish of Rs 29,215.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 29,145 per 10 grams as against Rs 29,365 earlier.
Silver (.999 fineness) slumped by Rs 805 to close at Rs 41,875 compared with Rs 42,680 yesterday.

On the global front, gold eased back from the previous session's 11-week high ahead of US payrolls data for January and as the dollar recovered some lost ground against the euro and yen.
The US currency recovered some poise ahead of the payroll numbers, helping to push spot gold 0.2 per cent lower at USD 1,213.70 an ounce at early trade.
Silver was down 0.6 per cent at USD 17.33, having reached its highest in more than 11 weeks at USD 17.73 in the previous session.