Gold extends losses on weak global cues, low demand

Gold prices eased further by ₹40 to ₹30,520 per 10 grams on Friday amid weakening global trend and a sluggish demand from local jewellers at the bullion market.

Silver also slipped by ₹75 to ₹38,895 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said sentiment remained downbeat largely in sync with bearish trend overseas and subdued demand from local jewellers and retailers at the domestic spot markets.

Globally, gold fell 0.33% to USD 1,208.10 an ounce and silver by 0.88% to USD 15.29 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹40 each to ₹30,520 and ₹30,370 per 10 gram, respectively. The precious metal had lost ₹25 in the last two days.

Sovereign gold, however, remained steady at ₹24,600 per piece of eight gram.

In line with the overall trend, silver ready also declined by 75 to ₹38,895 per kg and weekly-based delivery by ₹20 to ₹38,000 per kg.

On the other hand, silver coins continued to be traded at previous level of ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

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