Gold extends losses on lower demand, global cues

Mumbai:- Tracking a weak trend in global market and fall in demand from jewellers at current levels, gold remained weak for the third straight day and prices fell by another Rs 20 per ten grams at the bullion market here today.

Silver, however, recovered by Rs 170 per kg on renewed offtake by industrial units.

Standard gold (99.5 purity) declined by Rs 20 to end at Rs 29,095 per 10 grams from yesterday’s level of Rs 29,115.

Pure gold (99.9 purity) also moved down to close at Rs 29,245 per 10 grams as compared to Rs 29,265.

Silver (.999 fineness) rose by Rs 170 per kg to finish at Rs 40,420 from Rs 40,250 yesterday.

Globally, gold retreated as a rebound in assets viewed as higher risk, such as oil and stocks, diverted some attention from the metal, though prices remained hemmed into a narrow range ahead of a U.S. Federal Reserve policy meeting.

Spot gold was down 0.2 percent at USD 1,234.81 an ounce in early European trade, while U.S. gold futures for June delivery were down USD 3.60 at USD 1,236.60.

Among other precious metals, silver rose 0.2 percent to USD 17.02 an ounce.

PTI