Gold extends losses, down Rs 60 on lacklustre demand

Gold prices on Saturday fell further by Rs 60 to Rs 33,160 per 10 gram at the local market here owing to weak demand from jewellers, according to the All India Sarafa Association.

Besides, a weak trend in overseas market dampened trading sentiment here. Silver too ended lower by Rs 280 to Rs 40,100 per kg owing to reduced offtake by industrial units.

Marketmen said gold dropped due to subdued demand from local jewellers and retailers at existing levels and a weak trend in global market.

Globally, gold eased by 0.77 per cent to USD 1,282.30 an ounce and silver by 1.26 per cent to USD 15.41 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities fell by Rs 60 each to Rs 33,160 and Rs 33,010 per 10 gram, respectively.

Gold had dropped by Rs 80 per 10 gram Friday. Sovereign, however, remained unaltered at Rs 25,500 per piece of eight gram.

In line with the overall trend, silver ready fell by Rs 280 to Rs 40,100 per kg and weekly-based delivery by Rs 382 to Rs 39,198 per kg.

Silver coins continued to be traded at previous level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.