Gold price extends losses on global cues; silver up on fresh buying
New Delhi: Continued its falling streak, gold prices declined by Rs 20 to Rs 27,200 per ten gram in the national capital Tuesday owing to slackened demand amid a weak global trend.
However, silver moved up by Rs 350 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.
Traders said sentiments remain weak on falling demand from jewellers amid a weakening trend overseas, where gold fell after signs of improving US economy drove advances in the dollar and equities, eroding demand for safe haven as an alternative investments.
Gold in Singapore, which normally sets price trend on the domestic front, traded at USD 1,243.09 an ounce from 1,243.93 yesterday.
In Delhi, gold of 99.9 and 99.5 percent purity fell by another Rs 20 each to trade at Rs 27,200 and Rs 27,000 per ten gram respectively, while sovereign was unaltered at Rs 24,400 per piece of 8 gram.
On the other hand, silver ready rose by Rs 350 to Rs 40,700 per kg and weekly-based delivery by Rs 330 to Rs 39,830 per kg. Silver coins continued to be asked at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.