Gold prices extend losses, shed Rs 85 on global cues
In Delhi, gold prices of 99.9% and 99.5% purity declined by Rs85 each
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New Delhi: Gold prices fell by Rs85 to Rs29,165 per 10 grams at the bullion market on Thursday, tracking a weak trend overseas amid muted demand from local jewellers. However, silver held steady at Rs39,100 per kg on scattered enquiries from consuming industries.
Traders said apart from weak global cues, a fall in demand from local jewellers at domestic spot market mainly kept gold prices lower.
Globally, gold fell 0.47% to $1,260.10 an ounce in New York in Wednesday’s trade. In the national capital, gold of 99.9% and 99.5% purity declined further by Rs85 each to Rs29,165 and Rs 29,015 per 10 grams, respectively. The precious metal had lost Rs70 yesterday.
Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. On the other hand, silver ready ruled flat at Rs 39,100 per kg, while weekly-based delivery edged up by Rs 15 to Rs 38,965 per kg. However, silver coins continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.