Gold extends losses on sluggish demand
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Gold prices extended losses for the second day today losing another Rs 70 to trade at Rs 28,330 per ten grams in the bullion market here owing to sluggish demand at prevailing high levels.
However, silver held steady at Rs 56,300 per kg in restricted buying from industrial units and coin makers.
Traders said sluggish demand at prevailing high levels mainly kept pressure on the gold prices.
Gold of 99.9 and 99.5 per cent purity fell further by Rs 70 each to Rs 28,330 and Rs 28,190 per ten grams respectively. The metal had lost Rs 115 in the previous trading session.
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Sovereign remained steady at Rs 23,450 per piece of eight gram in scattered deals.
On the other hand, silver ready held steady at Rs 56,300 per kg while weekly-based delivery declined by Rs 65 to Rs 56,835 per kg.
Silver coins continued to be asked around previous level of Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.
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