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Gold extended losses for second week at bullion market

Mumbai: Gold extended losses for the second week at bullion market owing to slackened demand from local jewellers and retailers amid a weak global trend. Silver also slumped below the Rs 39,000-mark by plunging Rs 1,100 to Rs 38,800 per kg on reduced offtake by industrial units and coin makers.

Marketmen said fall in demand from local jewellers and retailers at domestic spot market and a weak global cues after upbeat US data strengthened the dollar and eroded demand for the precious metals, mainly kept pressure on gold prices.

Globally, gold settled the week lower at USD 1,253.40 an ounce and silver at USD 16.69 an ounce in New York. In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower and slipped further to close at Rs 29,170 and Rs 29,020 per ten grams respectively, showing a fall of Rs 200 each.

Sovereign, however, moved in a narrow range in limited deal and settled at previous level of Rs 24,400 per piece of eight gram. Silver ready remained under pressure for the major part of the week and ended the week below Rs 39,000-mark by falling Rs 1,100 to Rs 38,800 per kg.

Similarly, silver weekly-based delivery finished lower by Rs 1,135 to Rs 38,480 per kg on day-to-day selling. Silver coins also plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI