Gold extends losses on weak global cues, muted demand

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New Delhi, Jan 29 (PTI) Gold prices declined by Rs 80 to Rs 31,120 per 10 grams at the bullion market today amid a weak global trend and slackened demand from local jewellers.

Silver also dropped by Rs 200 to Rs 40,450 per kg due to reduced offtake by industrial units and coin makers.

Apart from a weak global trend, marketmen said tepid demand from local jewellers and retailers at the domestic spot market weighed on gold prices.

Globally, gold fell by 0.20 per cent to USD 1,346.60 an ounce and silver by 0.23 per cent to USD 17.34 an ounce in Singapore.

Diversion of funds towards record-setting domestic equity markets also dampened the buying momentum to some extent, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 80 each to Rs 31,120 and Rs 30,970 per 10 grams, respectively.

The precious metal had lost Rs 250 in Saturday’s trade.

Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.

In sync with gold, silver ready slipped by Rs 200 to Rs 40,450 per kg while weekly-based delivery fell Rs 80 to Rs 39,880 per kg.

Silver coins too plunged by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. PTI SUN KPS ABM

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.

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