New Delhi: Gold continued to slide for the second straight day on Saturday as prices fell by Rs.50 to Rs.30,250 per 10 grams at the bullion market, tracking a weak global trend amid tepid demand from jewellers.
Silver too followed suit and lost Rs.150 to Rs.42,200 per kg. Bullion traders said sentiment remained bearish largely in line with a weakening global trend where gold declined for a third day as investors weighed the likelihood of higher US interest rates after a consumer confidence gauge unexpectedly dropped.
Globally, gold fell 0.58% to $1,250.50 an ounce and silver by 0.49% to $17.38 an ounce in New York in Friday’s trade. Furthermore, a fading demand from jewellers as well as retailers at the domestic spot market, fuelled the downtrend, they said.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs.50 each to Rs.30,250 and Rs.30,100 per 10 grams, respectively. The precious metal had lost Rs.100 in Friday’s trade. Sovereign, however, remained flat atRs.24,300 per piece of eight grams.
Following gold, silver ready eased by Rs.150 to Rs.42,200 per kg and weekly-based delivery by Rs.130 to Rs.41,820 per kg. On the other hand, silver coins, however, remained unaltered at Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.
Gold, silver extend losses on weak global cues, low demand.
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