Gold extends losses on stockists selling, global cues

Continuing its losing streak for the third straight session, gold prices on Saturday drifted by Rs. 120 to Rs. 28,530 per ten gram in the national capital on sustained selling by stockists amid a weak trend overseas.

Fall in demand from jewellers also weighed on prices.

Silver followed suit and lost Rs. 320 at Rs. 44,980 per kg on poor off take by industrial units and coin makers.

Market men said besides increased selling by stockists, sluggish demand from jewellers and a weak trend overseas put pressure on precious metal prices, they said.

Globally, gold traded 0.14 per cent lower at $1,315.10 an ounce in New York in Friday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs. 120 each to Rs. 28,530 and Rs. 28,330 per ten gram respectively. It had gained Rs. 60 in last two days.

Sovereign, however, remained steady at Rs. 24,900 per piece of eight gram in scattered deals.

In line with a general weak trend, silver ready dropped by Rs. 320 to Rs. 44,980 per kg and weekly-based delivery by Rs. 120 to Rs. 44,530 per kg. It had gained Rs. 600 in the previous three sessions.

On the other hand, silver coins maintained a steady trend at Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces in limited deals.