Gold, silver extend losses on weak global cues

Gold prices fell by Rs 100 to Rs 30,730 per ten gram while silver also declined by Rs 470 to Rs 45,930 per kg

Extending losses for the second session, gold prices fell by Rs 100 to Rs 30,730 per ten gram in the national capital on Monday on sustained selling by stockists influenced by a weakening global trend.

Silver also declined by Rs 470 to Rs 45,930 per kg on lack of buying support from jewellery makers and industrial units.

Traders said sustained selling by stockists influenced by a weakening global trend, as US jobs data backed the case for the Federal Reserve to continue reducing stimulus, mainly led to the fall in the value of the precious metals.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.9 per cent to $1,327.94 an ounce and silver by 1.6 per cent to $20.61 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 30,730 and Rs 30,530 per ten gram, respectively. It had lost Rs 230 in the previous session. Sovereign traded lower by the same margin to Rs 25,300 per piece of eight gram.

Silver ready dropped by Rs 470 to Rs 45,930 per kg and weekly—based delivery by Rs 520 to Rs 45,680 per kg. The white metal had lost Rs 930 in last trade.

Silver coins also plunged by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.