Gold, silver extend losses on low demand, global cues

Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market today amid weak trend overseas and slowdown in buying by jewellers at prevailing levels.

New Delhi: Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market today amid weak trend overseas and slowdown in buying by jewellers at prevailing levels.

Silver also remained under pressure and fell by Rs 635 to Rs 39,400 per kg on lack of buying support from industrial users and coin makers.

Traders said slackened demand from jewellers at current levels and a weak global trend ahead of the US Federal Reserve meet and as European Finance Ministers agreed to work with the new Greek Prime Minister to keep the country in the Eurozone, mainly kept pressure on the precious metals.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7 percent to USD 1,272.44 an ounce, the lowest price since January 19 and silver by 0.4 percent to USD 17.85 an ounce.

In addition, shifting of funds towards record-setting equity market also dampened the sentiment to some extent, they said.

In the national capital, gold of 99.9 and 99.5 percent purity traded lower by Rs 100 each to Rs 28,300 and Rs 28,100 per kg, respectively. It had lost Rs 100 on Saturday.

Sovereign, however, held steady at Rs 24,000 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs 635 to Rs 39,400 per kg and weekly-based delivery by Rs 660 to Rs 39,215 per kg.

Silver coins also plunged by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

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