Home >market >stock-market-news >Gold extends losses on stockists selling, global cues

New Delhi: Continuing its losing streak for the third straight session, gold prices on Saturday drifted by Rs120 to Rs28,530 per ten gram in Delhi bullion market on sustained selling by stockists amid a weak trend overseas. Fall in demand from jewellers also weighed on prices.

Silver followed suit and lost Rs320 at Rs44,980 per kg on poor offtake by industrial units and coin makers.

Marketmen said besides increased selling by stockists, sluggish demand from jewellers and a weak trend overseas put pressure on precious metal prices, they said.

Globally, gold traded 0.14 per cent lower at USD 1,315.10 an ounce in New York in yesterday’s trade.

In Delhi, gold of 99.9 and 99.5% purity fell further by Rs120 each to Rs28,530 and Rs28,330 per ten gram respectively. It had gained Rs60 in last two days. Sovereign, however, remained steady at Rs24,900 per piece of eight gram in scattered deals.

In line with a general weak trend, silver ready dropped by Rs320 to Rs44,980 per kg and weekly-based delivery by Rs120 to Rs44,530 per kg. It had gained Rs600 in the previous three sessions.

On the other hand, silver coins maintained a steady trend at Rs79,000 for buying and Rs80,000 for selling of 100 pieces in limited deals.

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