Gold prices extend losses on tepid demand, global cues
Mumbai: Gold prices fell further by Rs 105 per 10 grams at the bullion market on Monday, tracking a weak trend overseas amid muted demand from local jewellers. Silver also dropped by Rs185 per kg for the ninth day backed by reduced offtake by industrial units.
Standard gold (99.5 purity) fell by Rs105 to finish at Rs28,565 per 10 grams from last Friday’s closing level of Rs 28,670. Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 28,715 per 10 grams as compared to Rs28,820.
Silver (.999 fineness) declined by Rs 185 to conclude at Rs 38,775 per kg against last weekend’s level of Rs 38,960. Globally, gold hit four-week lows as the dollar held firm and the market waited for comments from a top Federal Reserve official on US monetary policy, but prices were supported by the start of talks on the terms of Britain’s departure from the European Union.
Spot gold was down 0.2% at $1,251 an ounce at early trade, up from an earlier $1,248.63, its lowest since 24 May. Silver gained 0.3% to $16.63 an ounce.