Gold, silver extend losses on weak global cues, low demand

Gold continued to slide for the second day on Friday, as prices fell by Rs 50 to Rs 30,250 per 10 gm at the bullion market, tracking a weak global trend amid tepid demand from jewellers. Silver, too, followed suit and lost Rs 150 at Rs 42,200 per kg.

Traders said sentiment remained bearish, largely in line with a weakening global trend, where gold declined for a third day, as investors weighed the likelihood of higher US interest rates after a consumer confidence gauge unexpectedly dropped.

Globally, gold fell 0.58 per cent to $1,250.50 an ounce and silver by 0.49 per cent to $17.38 an ounce in New York on Friday's trade. Furthermore, a fading demand from jewellers as well as retailers at the domestic spot market, fuelled the downtrend, they said.