Gold prices extend losses on weak global cues
Mumbai: Gold remained weak for the second straight-day with prices falling by another Rs125 per 10 grams at the bullion market on Friday, largely in tandem with a weakening trend overseas amid reduced demand from stockists and retailers.
Elsewhere, silver too moved down owing to lackluster industrial demand. Besides weak trend overseas, traders said, a fall in demand from jewellers and cash shortage following Prime Minister Narendra Modi’s shock withdrawal of high-value notes to fight “black money” mainly kept gold prices lower.
On the Global front, gold prices tumbled to 9-1/2 month lows, heading for a for a third consecutive weekly decline as investors sold on factors including expectations of a US interest rate rise. Standard gold (99.5 purity) dipped by Rs125 to end at Rs28,855 per 10 grams from Thursday’s closing level of Rs28,980.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs29,005 per 10 grams against Rs29,130 earlier. Silver (.999 fineness) eased by Rs75 to conclude at Rs41,265 per kg as against Rs41,340. Spot gold was up 0.5% at $1,188.96 an ounce in early European trade. Elsewhere, silver gained 1.3% to $16.45 an ounce.