Millennium Post

Gold, silver extend losses on weak global cues, muted demand

Bullion: Extending its slide for the fourth straight week, gold lost Rs 230 to end at Rs 30,550 per 10 grams at the bullion market taking weak cues from overseas markets and fall in demand from local jewellers at domestic spot market.

Silver also ended lower at Rs 39,100 per kg due to poor offtake by industrial units and coin makers.

Traders said sentiment remained bearish in line with a weak global trend and fall in demand from local jewellers and retailers at domestic spot market.

Globally, gold ended the week lower at USD 1,213.30 an ounce and silver at USD 15.38 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity started the week on a subdued note, triggered by a weak global trend, and slipped to touch a low of Rs 30,435 and Rs 30,285 per 10 grams, respectively.

Later, it staged a recovery to close at Rs 30,550 and Rs 30,400 per 10 grams respectively, still showing a loss of Rs 230 each.

Sovereign followed suit and shed Rs 100 to Rs 24,600 per piece of eight grams.

In volatile movements on alternate bouts of buying and selling, silver ready ended the week lower by Rs 125 to Rs 39,100 per kg and weekly-based delivery shed Rs 255 to Rs 38,070 per kg, respectively.

Silver coins dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

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