Gold, silver price extend losses on sustained selling, global cues

Mar 31 2014, 15:51 IST
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Gold prices fell by Rs 50 to Rs 29,300 per 10 grams and Silver also lost Rs 100 to Rs 43,400 per kg. Reuters Gold prices fell by Rs 50 to Rs 29,300 per 10 grams and Silver also lost Rs 100 to Rs 43,400 per kg. Reuters
SummaryGold prices fell by Rs 50 to Rs 29,300 per 10 grams and Silver also lost Rs 100 to Rs 43,400 per kg.

Gold prices fell by Rs 50 to Rs 29,300 per 10 grams in the national capital today on sustained selling by stockists amid a weak global trend.

Silver also lost Rs 100 to Rs 43,400 per kg on reduced offtake by industrial units and coin makers.

Traders said there was a sustained selling by stockists in tandem with a weak global trend as signs of a US economic recovery reduced demand for the precious metal as an alternate investment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to USD 1,291.90 an ounce and silver by 0.3 per cent to USD 19.77 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 50 each to Rs 29,300 and Rs 29,100 per 10 grams, respectively. It had shed Rs 5 in last trade. Sovereign declined by Rs 100 to Rs 24,700 per piece of eight grams.

Silver ready declined by Rs 100 to Rs 43,400 per kg while weekly-based delivery edged up by Rs 15 to Rs 42,775 per kg.

On the other hand, silver coins held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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