Gold dips for sixth day on sustained selling, global cues

New Delhi, Sep 5: Continuing its losing streak for the sixth day, gold prices eased further by Rs 90 to end at Rs 27,770 per ten gram in the national capital today on sustained selling by stockists, tracking weakening global trend.

Silver also extended losses for the fourth day and lost another Rs 200 to Rs 42,000 per kg due to reduced offtake by industrial units and coin makers. Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on precious metal prices.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.66 per cent to 1,260.90 an ounce and silver by 0.57 per cent to USD 19.06 an ounce in yesterday's trade.

Besides, sluggish demand from jewellers and retailers dampened the sentiment, they said. In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 90 each to Rs 27,770 and Rs 27,570 per ten gram respectively. The yellow metal had lost Rs 440 in the previous five sessions.

Sovereign, however, held steady at Rs 24,500 per piece of eight gram in limited deals. In line with a general weak trend, silver ready fell by Rs 200 to Rs 42,000 per kg and weekly-based delivery by Rs 85 to Rs 41,650 per kg.

The white metal had lost Rs 600 in last three days. On the other hand, silver coins ruled steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces in restricted buying.

PTI