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  1. Gold, silver extend loss for third straight week

Gold, silver extend loss for third straight week

In the national capital, the metal commenced the week slightly better at Rs 26,570 and Rs 26,420 per ten grams on some support.

By: | New Delhi | Published: July 12, 2015 6:00 AM

Gold and silver extended loss for the third straight week at the bullion market, tracking a weak global trend amid easing demand from jewellers and retailers.

The yellow metal plunged to the lowest level since March as a China-led equity market rout across Asia and the Greek debt crisis boosted the dollar, dampening demand for the precious metal as an alternative investment.

In the national capital, the metal commenced the week slightly better at Rs 26,570 and Rs 26,420 per ten grams on some support.

Later, in line with global cues, it plunged to a three-month low at Rs 26,170 and Rs 26,020 per ten grams before recovering partially to end at Rs 26,330 and Rs 26,180, still showing a fall of Rs 220 each.

Sovereign also dropped by Rs 300 to Rs 23,000 per piece of eight grams.

Silver ready dipped on alternate bouts of buying and selling and finally ended Rs 450 lower at Rs 35,750 per kg. Silver weekly-based delivery settled lower by Rs 65 at Rs 35,615 per kg, during the week.

Silver coins also tumbled Rs 1,000 to Rs 53,000 for buying and Rs 54,000 for selling of 100 pieces on lack of buying support.

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