Gold extends losses on weak global cues; silver slips

Gold extends losses on weak global cues; silver slips
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Mumbai: Amid a weak trend overseas and easing demand from jewellers at existing levels, gold lost Rs 135 per 10 grams at the bullion market here on Friday.

Silver followed suit and eased owing to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) dropped by Rs 135 to end at Rs 29,225 per 10 grams from Thursday’s closing level of Rs 29,360.

Pure gold (99.9 per cent purity) also moved down by a similar margin to Rs 29,375 per 10 grams as compared to Rs 29,510 earlier.

Silver (.999 fineness) fell by Rs 410 to conclude at Rs 38,860 per kg as against Rs 39,270 previously.

Globally, Gold prices touched their lowest point in nearly three weeks as the euro slipped against the dollar following the European Central Bank s extension of its bond-buying programme.

Spot gold touched a low of USD 1,264.15 per ounce, its worst since Oct 6, and although it was 0.1 percent higher at USD 1,268.50 at early trade it was still heading for its second weekly decline.

Silver prices were slightly softer at USD 16.73 per ounce.

PTI