Gold, silver extend losses on selling, global cues

Written by PTI | Mumbai | Updated: Dec 3 2013, 02:44am hrs
Gold prices extended their losses at the domestic bullion market on sustained selling by stockists and traders amid subdued local buying interest on the back of lower global cues.

Silver also witnessed heavy speculative unwinding.

Standard gold (99.5 purity) fell by Rs 185 to conclude at Rs 30,505 per 10 grams from last Saturday's closing level of Rs 30,690.

Pure gold (99.9 purity) also declined by a similar margin to end at Rs 30,655 per 10 grams from Rs 30,840.

Silver ready (.999 fineness) dipped by Rs 475 to finish at Rs 45,125 per kg as compared to Rs 45,600 last weekend.

Overseas, gold dropped as the dollar strengthened amid investors' cautiousness ahead of a series of US data later in the week that could provide clues on when the Federal Reserve will begin scaling back its monetary stimulus programme.

In London, spot gold was down to a one-week low of USD 1,237.04 an ounce and silver also eased to USD 19.96 an ounce.