New Delhi: Gold prices dipped by ₹ 90 to trade at over four-month low of ₹ 25,525 per 10 grams, extending its slide for the third straight day at the bullion market on Monday, tracking a weakening global trend and muted demand from jewellers. Silver too remained under selling pressure and shed another ₹ 100 at ₹ 34,000 per kg.
Bullion traders said a weak global trend where gold traded at over five-year low as the US Federal Reserve expected to hike interest rates next month, helped boosting the dollar, curbing demand for the precious metals as an alternative, induced sentiment.
Globally, gold fell 0.1% to $1,056 an ounce, after dropping on Friday to $1,052.83, the lowest level since February 2010 in Singapore. At London, it traded a shade lower at $1056.40 an ounce in early trade on Monday.
Besides, slackened demand from jewellers and retailers weighed on the prices. In the national capital, gold of 99.9% and 99.5% purity fell further by ₹ 90 each to ₹ 25,525 and ₹ 25,375 per 10 grams, respectively, a level last seen on 21 July. The precious metals had lost ₹ 205 in the precious two days. Sovereign, however, edged up by ₹ 100 to ₹ 22,200 per piece of eight grams.
Tracking gold, silver ready eased by ₹ 100 to ₹ 34,000 per kg and weekly-based delivery by ₹ 120 to ₹ 33,580 per kg. Meanwhile, silver coins held steady at ₹ 48,000 for buying and ₹ 49,000 for selling of 100 pieces.