Gold price extends losses on sustained selling, global cues
New Delhi: Gold fell by Rs 125 to Rs 31,225 per ten grams here Wednesday on sustained selling by stockists in line with a weakening global trend.
However, silver recovered by Rs 375 to Rs 47,820 per kg on increased demand from jewellers and industrial units.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
Gold in Singapore, which normally sets price trend on the domestic front, fell 0.6 percent to USD 1,314.49 an ounce.
At the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 125 each to Rs 31,225 and Rs 31,025 per ten grams, respectively. It had lost Rs 100 yesterday. Sovereign remained steady at Rs 25,500 per piece of eight grams.
On the other hand, silver ready recovered by Rs 375 to Rs 47,820 per kg and weekly-based delivery by Rs 325 to Rs 47,620 per kg. The white metal had lost Rs 455 in the previous session.
Meanwhile, silver coins met with resistance at higher levels and plunged by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.