Gold extended losses for the second straight day by losing Rs. 40 to Rs. 18,245 per ten grams in the capital on Friday on sustained selling by stockists on subdued demand at existing higher levels.
However, silver recovered by Rs. 50 to Rs. 29,250 per kg on some enquiries from industrial units.
Marketmen said sustained selling by stockists against reduced offtake at existing higher levels mainly led to the fall in gold prices.
Absence of marriage season demand and shifting of funds from bullion to equity also influenced the trading sentiment, they said.
Gold of 99.99 per cent and 99.5 per cent purity declined further by Rs. 40 each to Rs. 18,245 and Rs. 18,145 per ten grams, respectively. It had lost Rs. 15 in the previous trade.
Sovereigns continued to be asked around their previous level of Rs. 14,600 per piece of eight gram.
Silver ready witnessed some buying by industrial units and recovered by Rs. 50 to Rs. 29,250 per kg. Weekly-based delivery lacked necessary buying support and declined by Rs. 45 to Rs. 28,950 per kg.
Silver coins maintained around their previous level of Rs. 34,400 for buying and Rs. 34,500 for selling of 100 pieces.
Keywords: bullion report