Sunday, July 14, 2013

Gold, silver extend losses on sustained selling

New Delhi: 14 Jul 2013

Gold and silver prices extended losses in the national capital on Saturday on sustained selling by stockists amid a weakening global trend.

While gold fell by Rs 50 to Rs 27,250 per ten grams, silver shed Rs 120 to Rs 41,410 per kg. Traders said sustained selling by stockists in line with a weakening global trend, as a stronger dollar curbed demand for an alternative investment, mainly helped both gold and silver to surrender further ground.

Gold in New York, which normally set price trend on the domestic front, fell by 0.06 percent to USD 1,284.80 an ounce and silver by 1.17 percent to USD 19.92 an ounce. On the domestic front, gold of 99.9 and 99.5 percent purity fell further by Rs 50 each to Rs 27,250 and Rs 27,050 per ten grams, respectively. It had shed Rs 25 on Friday. Sovereign followed suit and traded lower by Rs 50 to Rs 24,150 per piece of eight grams.

In line with a general weak trend, silver declined by Rs 120 to Rs 41,410 per kg and weekly-based delivery by Rs 70 to Rs 41,460 per kg. The white metal had lost Rs 220 in last trade. On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces in restricted buying at prevailing higher levels.
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