Gold extends losses, sheds Rs 30 on global cues, muted demand

Falling for the fifth straight session, gold prices fell by Rs 30 to Rs 28,850 per 10 grams at the bullion market today, tracking a weak trend overseas amid low demand from local jewellers.
Silver also remained under selling pressure and shed Rs 50 to Rs 38,800 per kg due to reduced offtake by industrial units and coin makers.
Traders said, a weak trend overseas as investors speculate the jobs report will bolster the casse for raising interest rates, eroding demand for the precious metals, mainly kept pressure on the precious metal prices.
Besides, low demand from local jewellers too fuelled the downward trend, they said.

Globally, gold fell 0.78 per cent to USD 1,228 an ounce and silver by 0.91 per cent to USD 16.30 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 30 each to Rs 28,850 and Rs 28,700 per 10 grams, respectively.

The precious metal had lost Rs 670 in the previous four sessions.
Sovereign, however, remained unaltered at Rs 24,300 per piece of eight grams.
Following gold, silver ready declined by Rs 50 to Rs 38,800 per kg, while weekly-based delivery regained the Rs 38,000-mark by rising Rs 195 to Rs 38,145 per kg on speculative buying.

On the other hand, silver coins remained steady at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.