MillenniumPost
Business

Gold extends losses on lower demand, global cues

Tracking a weak trend in global market and fall in demand from jewellers at current levels, gold remained weak for the second straight day at the bullion market here today.

Tracking a weak trend in global market and fall in demand from jewellers at current levels, gold remained weak for the second straight day at the bullion market here today.

Elsewhere, silver almost ended flat owing to lower demand from consuming industries.

Standard gold (99.5 purity) declined by Rs 105 to end at Rs 29,005 per 10 grams from yesterday's level of Rs 29,110.

Pure gold (99.9 purity) also moved down to close at Rs 29,155 per 10 grams as compared to Rs 29,260.

Silver (.999 fineness) went down by Rs 10 to conclude at Rs 41,535 per kg from Rs 41,545 previously.

Globally, gold prices fell as markets grew less concerned that far-right leader Marine Le Pen would win the French presidential election, increasing investor appetite for risky assets such as stocks while denting bullion.

Spot gold was down 0.4 per cent at USD 1,269.95 per ounce at early trade.

Silver dipped 0.3 per cent to USD 17.83 an ounce, after touching a one-month low of USD 17.65 in the previous session.



Next Story
Share it