Gold, silver extend losses on subdued demand, global cues
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New Delhi: Extending losses for the second straight day, gold prices on Saturday shed another Rs10 to Rs27,190 per ten gram at Delhi bullion market due to slackened demand from jewellers and retailers amid weak global trend.
Traders said besides easing demand from jewellers and retailers, a weakening global trend amid Greece and European finance ministers reaching an accord on a bailout extension eroded demand for the precious metal as a safe haven, thus keeping pressure on precious metals.
Gold in New York, which normally sets price trend on the domestic front, fell to $1,197.70 an ounce.
In the national capital, gold of 99.9 and 99.5% purity declined by Rs10 each to Rs27,190 and Rs26,990 per ten gram respectively. It had lost Rs85 on Friday. Sovereign, however, remained flat at Rs23,700 per piece of eight gram.
Silver ready declined by Rs315 to Rs36,885 per kg and weekly-based delivery by Rs300 to Rs36,265 per kg. Silver coins dropped by Rs1,000 to Rs59,000 for buying and Rs60,000 for selling of 100 pieces.