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Gold, silver extend losses on global cues, sluggish demand

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Gold, silver extend losses on global cues, sluggish demand
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New Delhi: Gold prices fell further by Rs. 195 to close at fresh three-month low of Rs. 27,415 per ten gram in the national capital on Friday on continued selling by stockists, driven by weakening global trend.

Silver remained under selling pressure and lost another Rs. 600 to Rs. 41,300 per kg on reduced off-take by industrial units and coin makers.

Traders said sentiment remained weak after gold dropped to a seven-month low and silver slumped to the lowest since June 2013 in global markets as speculation that U.S. borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7 per cent to $1,232.33 an ounce, the lowest since January 23, and silver by 1.3 per cent to $18.46 an ounce, the lowest since June 28, 2013.

Besides, fading domestic demand due to ongoing Sharads, an inauspicious fortnight in Hindu mythology for making new purchases influenced the sentiment to some extent, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs. 195 each to Rs. 27,415 and Rs. 27,215 per ten gram respectively, a level last seen on June 13. It had lost Rs. 190 on Thursday. Sovereign followed suit and declined by Rs. 100 to Rs. 24,400 per piece of eight gram.

In a similar fashion, silver ready dropped by Rs. 600 to Rs. 41,300 per kg and weekly-based delivery by Rs. 690 to Rs. 41,200 per kg. The white metal had lost Rs. 270 in last trade.

Silver coins nosedived by Rs. 3,000 to Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces on poor demand.

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