Gold continuous losses for the seventh day

Extending losses for the seventh straight session on Saturday, gold shed another Rs 20 to close at Rs 27,750 per 10 grams in New Delhi on sustained selling by stockists against easing demand from jewellers and retailers, even as the metal recovered in global markets.

However, silver recovered by Rs 75 to Rs 42,075 per kg on increased offtake by industrial units.

Traders said sustained stockists selling against falling demand from jewellers and retailers mainly kept pressure on gold prices but a better trend in the global markets capped the losses.

Globally, gold rose by 0.1 per cent to close at $ 1,267.30 an ounce and silver by 0.1 per cent to $ 19.15 an ounce in New York last night.

In Delhi, gold of 99.9 and 99.5 per cent purity declined further by Rs 20 each to Rs 27,750 and Rs 27,550 per 10 grams, respectively. It had lost Rs 530 in the previous six sessions.

Sovereigns, however, found some buying from retailers and moved up by Rs 50 to Rs 24,550 per piece of eight grams.

On the other hand, silver ready recovered by Rs 75 to Rs 42,075 per kg and weekly-based delivery by Rs 425 to Rs 42,075 per kg on speculators buying. The white metal had lost Rs 800 in last four days.

Meanwhile, silver coins maintained a steady trend at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.