Gold extends weakness on sluggish demand

New Delhi, Sep 4: Extending losses for the fifth straight day, gold prices today declined by Rs 90 to close at Rs 27,860 per ten gram in the national capital owing to fall in demand from jewellers and retailers, even as the metal recovered in global markets.

Silver too remained under pressure and prices fell by another Rs 150 to Rs 42,200 per kg on lack of buying support from industrial units and coin makers.

Traders said slackened demand from jewellers and appreciating rupee, which made import of precious metal cheaper, weighed on gold prices but a better trend in the global markets restricted the losses. Globally, gold rose by 0.3 per cent to USD 1,273.51 an ounce and silver by 0.1 per cent to USD 19.20 an ounce in Singapore.

In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 90 each to Rs 27,860 and Rs 27,660 per ten gram respectively. It had gained Rs 350 in the previous four days. Sovereign also declined by Rs 100 Rs 24,500 per piece of eight gram.

Silver ready moved down by Rs 150 to Rs 42,200 per kg and weekly-based delivery by Rs 5 to Rs 41,735 per kg. The white metal had lost Rs 450 in last two trades. Silver coins dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

PTI