Gold price extends losses, settles at Rs 29,550 per 10 grams

New Delhi: Amid weak global trend and sluggish demand from local jewellers, gold prices fell further by Rs 50 to Rs 29,550 per 10 grams at the bullion market Friday.

Silver also dropped by Rs 580 to Rs 42,070 per kg due to reduced offtake by industrial units and coin makers.

Apart from a weak global trend, marketmen said, tepid demand from local jewellers and retailers at the domestic spot market also kept pressure on gold prices.

Globally, gold fell by 0.16 percent to USD 1,213.50 an ounce and silver by 0.63 percent to USD 17.34 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 29,550 and Rs 29,400 per ten grams, respectively. The precious metal had lost Rs 150 yesterday.

Sovereign, however, remained steady at Rs 24,400 per piece of eight gram.

In sync with gold, silver ready slipped by Rs 580 to Rs 42,070 per kg and weekly-based delivery cracked below the Rs 42,000-mark by falling Rs 545 to Rs 41,720 per kg.

On the other hand, silver coins traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.