Gold extends losses for 2nd day; falls by Rs 285 in Delhi
New Delhi: Extending losses for the second straight day, gold prices Saturday lost another Rs 285 to Rs 30,500 per ten gram in the national capital on sustained selling by stockists against falling demand.
Silver also fell for the fifth session, losing Rs 100 at Rs 43,500 per kg on reduced offtake by industrial units and coin makers.
Traders said sustained selling by stockists against falling demand mainly kept pressure on gold and silver prices.
Strengthening rupee against the dollar, which make the precious metal's import cheaper also influenced the sentiment, they said.
On the domestic front, gold of 99.9 and 99.5 percent purity plunged further by Rs 285 each to Rs 30,500 and Rs 30,300 per ten gram, respectively. It had lost Rs 465 yesterday. Sovereign followed suit and shed Rs 100 to Rs 25,100 per piece of eight gram.
In line with a general weak trend, silver ready fell by Rs 100 to Rs 43,500 per kg and weekly-based delivery by Rs 130 to Rs 44,050 per kg. The white metal had lost Rs 1,475 in last four trading sessions.
Silver coins remained steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.