Gold down by Rs 50, silver sheds Rs 200 on weak global cues

New Delhi, Sept 13: Extending losses for the third straight session, both gold and silver declined in the national capital today (Sep 13) on sustained selling by stockists following a weak global trend and beginning of ''shradh'' fortnight.

While gold fell by Rs 50 to Rs 28,240 per 10 grams, silver lost Rs 200 to 64,200 per kg. Dealers said trading sentiment remained bearish on weak global trend as gold shed USD 44.20 to USD 1,814.40 an ounce in New York last night.

Absence of retailers due to beginning of ''shradh'' fortnight, an inauspicious period in Hindu mythology for purchasing any new thing, further dampened the market sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed another Rs 50 each to Rs 28,240 and Rs 28,090 per 10 grams, respectively. The metal had lost Rs 300 in the last two trading sessions.

Sovereign continued to be asked around previous level of Rs 22,700 per piece of eight grams. In line with the general weak trend, silver ready declined by Rs 200 to Rs 64,200 per kg and weekly-based delivery by Rs 230 to Rs 64,400 per kg.

On the other hand, silver coins rose by Rs 500 to Rs 71,500 for buying and Rs 72,500 for selling of 100 pieces.

PTI