BackGold extends losses; down Rs100 on global cues
Gold of 99.9 and 99.5% purity plunged by Rs100 each to Rs25,130 and Rs24,980 per ten grams respectively
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New Delhi: Falling for the second day, gold prices drifted by Rs100 to Rs25,130 per 10 gram in Delhi bullion market on Tuesday, tracking a weakening global trend amid subdued demand from jewellers.
Traders said weakening global trend amid speculation that the Federal Reserve will raise interest rates as early as September kept pressure on the precious metal.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3% to $1,083.75 an ounce and silver by 0.2% to $14.49 an ounce. Besides, sluggish demand from jewellers and retailers dampened the sentiment, they said.
Strengthening rupee against the dollar, making imports cheaper also influenced the sentiments to some extent, they added. At the forex market, rupee was trading 20 paise higher at Rs63.84 (intra-day).
In the national capital, gold of 99.9 and 99.5% purity plunged by Rs100 each to Rs25,130 and Rs24,980 per ten grams respectively. It had lost Rs70 on Monday. Sovereign, however, continued to be traded at last level of Rs22,200 per piece of eight gram.
Following gold, silver ready dipped below the ₹ 4,000- mark by falling ₹ 50 to ₹ 3,750 per kg. Silver weekly- based delivery traded lower by ₹ 40 to ₹ 33,460 per kg. On the other hand, silver coins held steady at ₹ 8,000 for buying and ₹ 9,000 for selling 100 pieces.
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