Home > market > stock-market-news > Gold slips by Rs100, silver below Rs34,000 on global cues

New Delhi: Taking weak cues from the global market and slack demand from jewellers, gold extended its slide for the second straight day as prices plunged 100 to 25,650 per 10 grams.

Silver slipped below the 34,000-mark by falling 225 to 33,800 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said a weakening trend in the global market amid growing confidence in the US Fed to raise interest next month helped the dollar cement gains, eroding demand for the precious metals. Furthermore, a muted demand from jewellers and retailers pulled down gold prices, they said.

Globally, gold retreated as much as one per cent to $1,067.58 an ounce in Singapore on Monday, while it ended 0.43% down at $1,077.20 in New York a day ago.

Silver slumped 1.5% to $13.97 an ounce in Singapore on Monday, the lowest since august 2009.

In the national capital, gold of 99.9% and 99.5% purity slumped 100 each to 25,650 and 25,500 per 10 grams, respectively. The precious metal had lost 150 on Saturday.

Sovereign, however, remained flat at 22,200 per piece of eight grams in scattered deals. Following gold, silver ready cracked below the 34,000 mark by declining 225 to 33,800 per kg and weekly-based delivery by 290 to 33,300 per kg. Silver coins remained unchanged at 48,000 for buying and 49,000 for selling of 100 pieces.

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