Gold extends weakness on global cues, low demand

Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market today, tracking a weak global trend amid slackened demand from jewellers and retailers.
Silver also fell by Rs 360 to Rs 36,190 per kg on lack of buying support from industrial units.
Traders attributed persistent fall in gold prices to a weakening global trend and low demand at the physical market from jewellers and retailers.
In the international market, gold fell by 0.18 per cent to USD 1,172.90 an ounce and silver by 0.28 per cent to USD 15.84 an ounce in New York in yesterday's trade.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 70 each to Rs 26,680 and Rs 26,530 per ten grams respectively.
The precious metal had lost Rs 450 in the previous five sessions.

Sovereign, however, remained flat at Rs 23,300 per piece of eight grams in limited deals.
Tracking gold, silver ready dropped by Rs 360 to Rs 36,190 per kg and weekly-based delivery by Rs 220 to Rs 35,985 per kg.
Silver coins remained flat at Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.