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Gold extends losses, down Rs 100 on muted demand

New Delhi: Falling for the second straight session, gold prices today declined by another Rs 100 to Rs 29,350 per 10 grams at the bullion market on muted demand from local jewellers amid a weak trend overseas. Silver also dropped by Rs 400 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from weak global cues, a fall in demand from local jewellers at domestic spot market mainly kept gold prices lower. Globally, gold fell 0.09 per cent to USD 1,255 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by another Rs 100 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. The precious metal had lost Rs 100 yesterday.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. Following gold, silver ready plunged by Rs 400 to Rs 40,000 per kg and weekly-based delivery cracked below the Rs 39,000-mark by plunging Rs 620 to Rs 38,885 per kg. On the other hand, silver coins remained steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

PTI