Gold extends losses, sheds Rs.15 on fall in demand
Gold prices moved down further for the fourth straight day at the domestic bullion market today on low demand from local jewellers and retailers even as the metal strengthened overseas.
Silver followed suit and lost another Rs.215 per kg on lack of buying support from industrial units.
Standard gold (99.5 purity) fell by Rs.15 to finish at Rs.28, 550 per 10 grams from Monday's closing level of Rs.28, 565.
Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs.28, 700 per 10 grams compared to Rs.28, 715.
Silver (.999 fineness) dipped by Rs.215 to conclude at Rs.38, 560 per kg against yesterday's level of Rs.38,775.
Globally, gold prices rose after hitting a five-week low as the dollar steadied after reaching a 3-week peak following hawkish comments from an influential US Federal Reserve official.
Spot gold was up 0.3 per cent at USD 1,246.26 per ounce in early trade, after earlier touching a low of USD 1,242.61 an ounce, the weakest since May 17.
Silver rose 0.9 per cent to USD 16.60. In the previous session, it touched USD 16.44, its weakest since May 18.