Gold down by Rs 50, silver sheds Rs 200 on weak global cues

Extending losses for the third straight session, both gold and silver declined in the national capital today on sustained selling by stockists following a weak global trend and beginning of ‘shradh’ fortnight.

While gold fell by Rs. 50 to Rs. 28,240 per 10 grams, silver lost Rs. 200 to 64,200 per kg. Dealers said trading sentiment remained bearish on weak global trend as gold shed $ 44.20 to $ 1,814.40 an

ounce in New York last night.

Absence of retailers due to beginning of ‘shradh fortnight, an inauspicious period in Hindu mythology for purchasing any new thing, further dampened the market sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed another Rs. 50 each to Rs. 28,240 and Rs. 28,090 per 10 grams, respectively. The metal had lost Rs 300 in the last two trading sessions.

Sovereign continued to be asked around previous level of Rs. 22,700 per piece of eight grams.

In line with the general weak trend, silver ready declined by Rs. 200 to Rs. 64,200 per kg and weekly-based

delivery by Rs. 230 to Rs. 64,400 per kg.

On the other hand, silver coins rose by Rs. 500 to Rs. 71,500 for buying and Rs. 72,500 for selling of 100 pieces.