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Gold extends losses by Rs 215 to Rs 30,800 on global cues

Gold extends losses by Rs 215 to Rs 30,800 on global cues

Traders said sustained selling by stockists in tandem with a weakening global trend

Gold extended losses for the second straight day by the loss of Rs 215 to Rs 30,800 per ten grams in the capital city today in the continued selling by stockists in line with weakening global trend.

Silver did the same and fell by Rs 800 to Rs 44,000 per kg on poor extraction of industrial units and coin makers.

Traders said the continued selling by stockists working in tandem with weakening global trend, where gold fell to its lowest level since July as the enhance economic growth reduces demand for the precious metal as an alternative investment, threw it all prices.

The prices of gold in New York, which usually determined price trend on the home-front here, fell 2.5 percent to $ 1,218.80 an ounce, the lowest since July 8, and silver by 3 7 percent to $ 19.28 an ounce, its biggest decline since Oct. 31.

Local demand slow abstained because retailers shopping expectations major correction in precious metals in the coming days also wetted sentiment, they said.

Domestically, gold of 99.9 and 99.5 per cent purity fell further by Rs 215 each to Rs 30,800 and Rs 30,600 per ten grams respectively. It had lost Rs 510 yesterday. Sovereign also reduced by Rs 100 to Rs 25,100 per piece of eight grams.

Silver ready reduced by Rs 800 to Rs 44,000 per kg and silver weekly-based delivery by Rs 955 to Rs 42,930 per kg, after losing Rs 275 in the previous session. The silver coins remained stable at Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.

Reported: India Times

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