Gold extends losses, sheds Rs 15 on fall in demand

Gold prices moved down further for the fourth straight day at the domestic bullion market here today on low demand from local jewellers and retailers even as the metal strengthened overseas.
Silver followed suit and lost another Rs 215 per kg on lack of buying support from industrial units.
Standard gold (99.5 purity) fell by Rs 15 to finish at Rs 28,550 per 10 grams from Monday's closing level of Rs 28,565.
Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 28,700 per 10 grams compared to Rs 28,715.
Silver (.999 fineness) dipped by Rs 215 to conclude at Rs 38,560 per kg against yesterday's level of Rs 38,775.

Globally, gold prices rose after hitting a five-week low as the dollar steadied after reaching a 3-week peak following hawkish comments from an influential US Federal Reserve official.
Spot gold was up 0.3 per cent at USD 1,246.26 per ounce in early trade, after earlier touching a low of USD 1,242.61 an ounce, the weakest since May 17.
Silver rose 0.9 per cent to USD 16.60. In the previous session, it touched USD 16.44, its weakest since May 18.