Gold prices extend slide on weak global cues
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Mumbai: Continuing losses for the third straight session, gold prices plunged by Rs205 per ten grams at the bullion market on Thursday, tracking a weak trend overseas and low demand from jewellers.
Silver too remained under pressure and declined by Rs525 to end below Rs42,000-mark at Rs41,775 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) slumped by Rs205 to end at Rs28,640 per 10 grams from its Wednesday’s close of Rs 28,845.
Pure gold (99.9 purity) also shed by a similar margin to finish at Rs28,790 per 10 grams as against Rs 28,995.
Silver (.999 fineness) declined by Rs525 per kg to close at Rs41,775 from its Wednesday’s level of Rs42,300.
Globally, gold prices inched down to the lowest level in five weeks, pressured by an uptick in the dollar ahead of US non-farm payrolls data on Friday. Spot gold was down by 0.1% at $1,206.46 per ounce at early trade.
Earlier in the session, it hit $1,203.25, the lowest since 1 February.
In other precious metals, silver slid as much as 0.4% to $17.17 per ounce. Earlier in the session, the metal hit $17.10, the lowest since 31 January.