Markets

Gold extends losses, down Rs. 150 on global cues

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Gold remained weak for a second day as the prices fell by Rs. 150 to Rs. 31,150 per ten grams at the bullion market today, on a weak trend overseas and easing demand from jewellers at the domestic spot market.

Silver also cracked below the Rs. 47,000-mark by plunging Rs. 850 to Rs. 46,150 per kg on reduced offtake by industrial units and coin makers.

Traders said, besides weak trend overseas, a fall in demand from jewellers at the domestic spot market mainly kept gold prices lower.

Overseas, gold fell 0.20 per cent to USD 1,335.50 an ounce and silver by 0.64 per cent to USD 19.45 in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity drifted further lower by Rs. 150 each to Rs. 31,150 and Rs. 31,000 per ten grams, respectively. It had lost Rs. 250 yesterday.

Sovereign, however, remained steady at Rs. 24,400 per piece of eight grams.

Following gold, silver ready tumbled Rs. 850 to Rs. 46,150 per kg and weekly-based delivery by Rs. 775 to Rs. 46,540.

Silver coins, however, remained steady at Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

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Printable version | Dec 12, 2019 8:34:54 AM | https://www.thehindu.com/business/markets/Gold-extends-losses-down-Rs.-150-on-global-cues/article14630729.ece

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