Gold prices on Thursday fell by Rs. 50 to Rs. 20,770 per ten grams in the bullion market in New Delhi, extending yesterday’s losses amid sluggish demand at prevailing higher levels, and a weakening global trend.
Silver also weakened by Rs. 50 to Rs. 44,750 per kg on reduced offtake by industrial units.
Marketmen said subdued demand at existing higher levels and weakening trend in global markets Wednesday night, as stronger dollar reduced appeal for precious metals as an alternative investment, which led to a fall in the prices here.
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Meanwhile, gold plunged $16.40 to $1,379.40 an ounce in New York Wednesday evening.
On the domestic front, gold of 99.9 per cent and 99.5 per cent purity remained under pressure for the second straight day and lost Rs. 50 each to Rs. 20,770 and Rs. 20,650 per ten grams, respectively.
The metal had lost Rs. 75 in the previous trading session.
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Sovereign, on the other hand, continued to trade at previous level of Rs. 16,800 per piece of eight gram in restricted buying.
Silver ready declined by Rs. 50 to Rs. 44,750, while weekly-based delivery fell by Rs. 115 to Rs. 44,225 per kg. Silver coins traded Rs. 100 lower at Rs. 48,900 for buying and Rs. 49,000 for selling of 100 pieces.