Gold prices extend loss on weak global cues
Mumbai: Gold prices declined for the third straight day at the domestic bullion market in Mumbai on Thursday, picking weak overseas signal amid subdued demand from local jewellers.
Silver, too, dipped owing to lack of industrial buying support.
Standard gold (99.5 purity) dropped by Rs30 to end at Rs28,400 per 10 grams from Wednesday's closing level of Rs 28,430.
Pure gold (99.9 purity) also moved down by a similar margin to Rs28,550 per 10 grams as compared to Rs28,580 earlier.
Silver (.999 fineness) dipped by Rs385 to conclude at Rs37,525 per kg as against Rs37,910 previously. Globally, gold fell after nearing a seven-week high in the previous session as investors squared positions ahead of US jobs data which should give further clues on the outlook for interest rate rises.
Spot gold fell 0.2% to $1,263.96 per ounce at early trade, after touching $1,258.20 earlier in the session, its lowest in almost a week.
Silver slipped 0.4% to $16.48 per ounce after hitting its lowest in more than one week earlier in the day.