Gold price extends losses on subdued demand, weak global cues

Aug 20 2014, 17:17 IST
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SummaryContinuing its losing streak for the fifth straight session, gold lost Rs 50 to close at Rs 28,500 per 10 grams...

Continuing its losing streak for the fifth straight session, gold lost Rs 50 to close at Rs 28,500 per 10 grams in the national capital today on easing demand from jewellers and retailers amid weak global cues.

Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.

Besides fall in demand from jewellers and retailers, a weakening global trend as dollar strengthened, reducing the appeal of the metal, kept pressure on gold prices, traders said.

Gold in London, which normally sets price trend on the domestic front, lost 0.1 per cent to USD 1,293.96 an ounce.

In addition, appreciating rupee against the US dollar, making imports cheaper also influenced gold prices, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity declined further by Rs 50 each to Rs 28,500 and Rs 28,300 per 10 grams, respectively. It had lost Rs 270 in the previous four sessions.

Sovereign traded lower by Rs 100 to Rs 24,700 per piece of eight grams.

In line with a general weak trend, silver ready fell by Rs 300 to Rs 43,000 per kg and weekly-based delivery by Rs 340 to Rs 42,340 per kg. The white metal had gained Rs 420 yesterday.

Silver coins, however, remained steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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