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Gold down by Rs 50 on sluggish demand, weak global cues

Source : PTI
Last Updated: Fri, May 24, 2013 09:57 hrs
Gold rush<br>

New Delhi: Gold prices on Friday extended losses for the third straight session by losing Rs 50 to Rs 26,950 per 10 grams on slackened demand at prevailing higher levels amid a weak global trend.

However, silver found some buying support from industrial units and recovered by Rs 100 to Rs 44,100 per kg.

Traders said slackened demand at prevailing higher levels amid a weak global trend mainly kept gold prices while silver recovered on some buying from industrial units.

Gold in London, which normally sets the price trend on the domestic front, lost 0.1 per cent to USD 1,389.43 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed another by Rs 50 each to Rs 26,950 and Rs 26,750 per 10 grams, respectively. It had lost Rs 50 in last two day. Sovereigns held steady at Rs 23,700 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 44,100 per kg and weekly-based delivery by Rs 155 to Rs 43,325 per kg. The white metal had lost Rs 300 yesterday.

Although, silver coins remained stable at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.




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