Gold extends losses for 3rd day on subdued demand; global cues

Falling for the third day in a row, gold prices shed another Rs 45 to Rs 27,370 per 10 gram in the national capital on Saturday on easing demand from jewellers and retailers amid a weakening global trend.

Silver followed suit and declined by Rs 50 to Rs 41,250 per kg on lack of buying support from industrial units and coin makers.

Bullion merchants said slackened demand from jewellers and retailers in view of ongoing “Sharads”, considered to be inauspicious 15-day period by some for new purchases, weighed on gold and silver prices.

They said a weakening global trend, where gold fell to 8-month low, also dampened the sentiment.

Gold in New York, which normally set price trend on the domestic front, shed 0.6 per cent to USD 1,231.50 an ounce, after touching USD 1,228.10, the lowest since January 10.

Silver dropped to USD 18.45, the lowest since June 2013.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 45 each to Rs 27,370 and Rs 27,170 per 10 gram respectively. It had lost Rs 385 in last two days.

Sovereign, however, held steady at Rs 24,400 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready traded lower by Rs 50 to Rs 41,250 per kg, while weekly-based delivery recovered by Rs 100 to Rs 41,300 per kg on speculators buying. The white metal had lost Rs 870 in the previous two sessions.

Silver coins, however, continued to be asked at the previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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Printable version | Jan 17, 2022 4:47:07 AM |

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