Gold, silver extend losses on weak global cues

Prices of gold and silver fell for the second day today at the bullion market here due to sustained selling by stockists amid weak global trends.

While gold fell further by Rs 45 to Rs 30,680 per ten gram, silver declined by Rs 210 to Rs 46,240 per kg on sluggish demand.

Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve’s meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.

Gold in Singapore fell by 0.3 per cent to 1,351.16 dollar an ounce and silver by 0.4 per cent to 20.74 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed another Rs 45 each to Rs 30,680 and Rs 30,480 per ten gram respectively. It had lost Rs 105 yesterday.

However, sovereign held steady at Rs 25,300 per peice of eight gram.

Silver ready fell further by Rs 210 to Rs 46,240 per kg and weekly-based delivery by Rs 410 to Rs 45,840 per kg.

The white metal had lost Rs 750 in the previous session.

Silver coins continued be asked around previous level of Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

Image: Gold jewellery; Photograph: Reuters