Gold price extends losses, ends at Rs 26,610 per ten grams

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 40 each to Rs 26,610 and Rs 26,460 per ten grams, respectively.

PTI| Last Updated: Jan 23, 2016, 16:32 PM IST
Gold price extends losses, ends at Rs 26,610 per ten grams

New Delhi: Amid a weak trend overseas and easing demand from jewellers, gold slid for a second straight day and lost Rs 40 to Rs 26,610 per ten grams at the bullion market Saturday.

Silver followed suit and eased further by Rs 90 to Rs 34,310 per kg owing to reduced offtake by industrial units and coin makers.

Marketmen said a weak global trend as a rally in global equities and a rebound in crude oil cut demand for a safe-haven, mainly kept the precious metals lower.

Globally, gold fell by .31 percent to USD 1,098.00 an ounce and silver by 0.67 percent to USD 14.00 an ounce in New York in yesterday's trade.

Besides, muted demand from jewellers and retailers at the domestic spot markets dampened the sentiment.

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 40 each to Rs 26,610 and Rs 26,460 per ten grams, respectively. The precious metal had lost Rs 250 yesterday.

Sovereign, however, held steady at Rs 22,400 per piece of eight gram.

In a similar fashion, silver ready fell further by Rs 90 to Rs 34,310 per kg and weekly-based delivery by Rs 130 to Rs 34,225 per kg.

On the other hand, silver coins traded at previous level of Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.