Gold extends losses on weak global cues

Extending loses gold prices fell by another Rs 40 to close at Rs 15,375

per ten gram in the bullion market here on selling by
stockists influenced by
weakening global trend.

Silver followed suit and lost Rs 300 to settle the day at Rs 21,800 per kg as selling remained unabated as the metal prices continued to slide in overseas market.

Marketmen said stockists offloaded part of their holdings in line with weakening trend in overseas markets mainly pulled down the precious metal prices.

They said reduced offtake by retailers and stockists due to off-marriage season further fuelled the down-trend.

Standard gold and ornaments lost Rs 40 each to Rs 15,375 and Rs 15,225 per ten gram respectively. Sovereign, however, remained steady at Rs 12,400 per piece of eight gram.

In a similar fashion, silver ready dropped by Rs 300 to Rs 21,800 per kg on poor offtake by industrial units and weekly-based delivery by Rs 140 to Rs 22,460 per kg.

On the other hand, silver coins continued to be asked around previous level of Rs 28,400 for buying and Rs 28,500 for selling of 100 pieces on reduced offtake.

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