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Rediff News  All News  » Business » Gold, silver extend losses on sluggish demand, global cues

Gold, silver extend losses on sluggish demand, global cues

Last updated on: October 01, 2013 16:08 IST

Gold barBoth gold and silver extended losses for the second straight day in the national capital on Tuesday, on sluggish demand due to ongoing 'Sharadhs', amid a weak global trend.

While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.

Traders said sustained selling by stockists, driven by sluggish demand due to ongoing 'Sharadhs', an inauspicious fortnight in Hindu mythology for making fresh purchases amid a weak global trend, mainly kept pressure on gold and silver.

Gold in New York, which normally set price trend on the domestic front, fell by $8.30 to $1,327.90 an ounce and silver shed 0.34 per cent to $21.71

an ounce on Monday night.

At the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 505 each to Rs 30,380 and Rs 30,180 per ten grams, respectively.

Sovereign followed suit and declined by Rs 100 to Rs 24,900 per piece of eight gram.

In a similar fashion, silver ready fell further by Rs 280 to Rs 49,300 per kg and weekly-based delivery by Rs 430 to Rs 49,150 per kg.

Silver coins also tumbled by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.

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Tags: New York