Gold extends losses, sheds Rs 70 on fall in demand

Gold's downward movement continued for the fourth straight day as the prices fell Rs 70 to Rs 29,300 per 10 grams at the bullion market today on low demand from local jewellers and retailers even as the metal strengthened overseas.
Silver followed suit and lost another Rs 200 at Rs 39,700 per kg on lack of buying support from industrial units and coin makers.
Traders said muted demand from local jewellers and retailers at domestic spot market mainly kept pressure on gold prices but better trend overseas capped the fall.
Globally, gold rose by 0.21 per cent to USD 1,269 in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined further by Rs 70 each to Rs 29,300 and Rs 29,150 per 10 grams, respectively. The precious metal had lost Rs 425 in the previous three sessions.
Sovereign, however, held steady at Rs 24,400 per piece of eight grams.
Following gold, silver ready drifted lower by Rs 200 to Rs 39,700 per kg and weekly-based delivery by Rs 140 to Rs 39,475 per kg.
Silver coins too plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.