Gold extends losses, down Rs 195 on global cues
Mumbai:- Gold remained weak for the second straight session at the domestic bullion market here today, largely in tandem with weak global trends amid muted demand from stockists and jewellery traders.
However, silver rose owing to increased offtake from industrial users and speculative traders.
Globally, gold hit the lowest levels in over three weeks, weighed down by rising bond yields and a firm dollar due to inflation fears from the prospect of a splurge in US infrastructure spending.
Standard gold (99.5 purity) declined up by Rs 195 to close at Rs 30,365 per 10 grams from Thursday’s level of Rs 30,560.
Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 30,515 per 10 grams against Rs 30,710 previously.
However, silver (.999 fineness) climbed by Rs 150 per kg to conclude at Rs 45,420 compared to Rs 45,270 yesterday.
London spot gold was down 0.3 per cent at USD 1,255.85 an ounce in early European trade, paring losses after hitting USD 1,250.70, the weakest since October 17. It has declined over 3 per cent so far this week.
US gold futures fell 0.9 per cent to USD 1,255.40 per ounce after falling as much as 1.3 per cent to a four-week low of USD 1,250.40 earlier.
Silver crept up 0.4 per cent to USD 18.62 an ounce, heading for a fourth consecutive weekly rise.