Gold price extends losses, down Rs 90 at Rs 31,110 per 10 grams

New Delhi: Gold remained weak for the second day with prices falling by another Rs 90 to Rs 31,110 per 10 grams at the bullion market Tuesday, largely in tandem with a weakening global trend amid muted demand from jewellers at domestic spot market.

Silver prices, however, rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.

Traders said sentiment remained bearish in line with a weakening global trend on concerns that the Federal Reserve may raise interest rates before the end of the year, eroding demand for the precious metals.

Globally, gold traded 0.02 percent lower at USD 1,322.90 an ounce in Singapore.

In addition, easing demand from jewellers as well as retailers at the domestic market fuelled the downtrend in gold prices, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 90 each to Rs 31,110 and Rs 30,960 per 10 grams, respectively. The precious metal had shed Rs 50 in yesterday's trade.

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 400 to Rs 44,800 per kg and weekly-based delivery by Rs 360 to Rs 44,130 per kg.

Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.