Moneycontrol
Last Updated : Jul 28, 2018 03:50 PM IST | Source: PTI

Gold, silver add more losses on global cues

Traders said sentiment remained bearish in sync with the weak trend and considerable fall in demand.

Gold extended its slide for the third straight week and prices drifted lower by Rs 190 to end at Rs 30,780 per 10 grams at the bullion market taking weak cues from overseas markets and fall in demand from local jewellers at the domestic spot market. Silver, in range-bound movements, eased by Rs 30 to Rs 39,225 per kg due to reduced offtake by industrial units and coin makers.

Traders said sentiment remained bearish in sync with the weak trend and considerable fall in demand from local jewellers and retailers at domestic spot market.

Globally, gold ended the week lower at USD 1,223.20 an ounce and silver at USD 15.47 an ounce in New York.

Diversion of funds towards the record-breaking domestic equity markets too weighed on the gold prices, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a subdued note and day-to-day increased selling, triggered by a weak global trend, slipped to Rs 30,740 and Rs 30,590 per ten grams respectively, before ending at Rs 30,780 and Rs 30,630 per ten grams, showing a fall of Rs 190 each.

Sovereign, however, moved in a narrow range in scattered deals and pegged at the last level of Rs 24,700 per piece of eight grams.

In line with overall trends, silver ready also ended the week marginally lower by Rs 30 to Rs 39,225 per kg and weekly-based delivery by Rs 130 to Rs 38,325 per kg.

Silver coins, too, dropped by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
First Published on Jul 28, 2018 03:30 pm
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