Gold extends losses, silver slumps below Rs 39k

Gold prices fell further by Rs 265 to Rs 30,915 per 10 grams at the bullion market here today on weak demand from investors.

Silver too remained under selling pressure and slipped below the Rs 39,000-mark by losing another Rs 310 to Rs 38,960 per kg due to poor offtake by industrial units and coin makers.

Standard gold (99.5 per cent purity) fell by Rs 265 to end at Rs 30,915 per 10 grams from last Friday's close of Rs 31,180.

Pure gold (99.9 per cent purity) also slipped by a similar margin to settle at Rs 31,065 per 10 grams against Rs 31,330.

Silver (.999 fineness) dipped by Rs 310 per kg to Rs 38,960 compared to Rs 39,270 previously.

Globally, gold prices rose, ticking up from a four-month low hit in the previous session, as Chinese buyers returned to the market following the Labour Day holiday, while investors waited for cues on US monetary policy from a two-day Federal Reserve meeting.

Spot gold was up 0.5 per cent at USD 1,309.71 per ounce at early trade.

Among other precious metals, spot silver rose 1.3 per cent to USD 16.32 per ounce.