Gold, silver stretch losses for third day
Gold of 99.9% and 99.5% purity shed Rs25 each at Rs27,325 and Rs27,175 per 10 gram, respectively
New Delhi: Gold extended its slide for the third straight day as prices dropped by another Rs25 to Rs27,325 per 10 grams in Delhi bullion market on Thursdsay due to weak trend overseas and low demand from jewellers.
Sentiment remained weak, largely in line with a weakening trend overseas where gold held at 2-week low as prospects for an increase in US interest rates boosted the dollar, curbing demand for the metal as an alternative asset, traders reasoned.
In Singapore, which normally sets the price trend on the domestic front, the metal traded a tad lower at $1,187.36 an ounce from $1,188.09 on Wednesday. Silver too fell 0.2% to $16.67 an ounce.
In the national capital, gold of 99.9% and 99.5% purity shed Rs25 each at Rs27,325 and Rs27,175 per 10 gram, respectively. It had lost Rs125 in the past two days. The sovereign also eased Rs100 to Rs23,700 per piece of 8 grams.
In line with the overall trend, silver ready moved down by Rs260 to Rs38,540 per kg and weekly-based delivery Rs280 to Rs38,295 per kg. Silver coins of 100 pieces, however, continued to be traded at last level of Rs56,000 for buying and Rs57,000 for selling.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!