Gold down by Rs 75 on weak global cues, subdued demand

New Delhi, Feb 25: Gold today extended losses for the second straight day by losing Rs 75 to Rs 28,865 per 10 grams on sustained selling by stockists in tandem with a weakening global trend.

Silver also fell by Rs 200 to Rs 58,100 per kg on reduced offtake by industrial units and coin makers on expectations of more correction in the prices.

The trading sentiment remained bearish after gold fell for the first time this week in global markets as demand for a haven eased amid signs of gains in the US economy.

In New York, gold fell by USD 6.50 to USD 1,773.60 an ounce last night.

In addition, sluggish demand at prevailing higher levels also fuelled the downtrend in precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 75 each to Rs 28,865 and Rs 28,725 per 10 grams, respectively. The metal had lost Rs 100 yesterday.

Meanwhile, sovereigns moved in a narrow range in scattered deals and ended flat at Rs 23,500 per pice of eight grams.

In a similar fashion, silver ready declined by Rs 200 to Rs 58,100 per kg while weekly-based delivery added Rs 65 to Rs 58,465 per kg.

Silver coins also met with resistance at existing higher levels and fell by Rs 1000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI