New Delhi: Gold extended losses for the third day on Tuesday losing Rs165 to trade at Rs28,165 per ten grams in bullion market here due to sustained selling by stockists amid a weak trend in global markets.
Silver also declined by Rs150 to Rs56,150 per kg on reduced offtake by industrial units and coin makers.
Trading sentiment turned bearish as gold fell in global markets after Moody’s Investors Service cut the ratings of six European nations, strengthening the dollar and curbing demand for alternative investments.
Gold in global markets, which normally set price trend on the domestic front, dropped 0.4% to 1,714.78 dollar an ounce and silver by 0.8% to 33.46 dollar an ounce in Singapore.
In additions, subdued demand in domestic markets at prevailing higher levels further fuelled the downtrend in precious metals.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs165 each to Rs28,165 and Rs28,025 per ten grams respectively. It had lost Rs185 in the previous two sessions.
Sovereign followed suit and declined by Rs50 to Rs23,400 per piece of eight gram.
In a similar fashion, silver ready declined by Rs150 to Rs56,150 per kg and weekly-based delivery by Rs325 to Rs56,510 per kg.
Silver coins dropped by Rs1,000 to Rs66,000 for buying and Rs67,000 for selling of 100 pieces.