Gold extends slide on weak global cues, tepid demand

Tuesday, Feb 16, 2016,14:59 IST By Metrovaartha A A A

New Delhi | Continuing its losing streak for the third straight day, gold prices plunged by Rs 315 to Rs 28,635 per ten grams at the bullion market today, tracking a weak trend overseas and low demand from jewellers.

Silver too remained under selling pressure and declined by Rs 175 to end below Rs 37,000-mark at Rs 36,850 per kg due to reduced offtake by industrial units and coin makers. Marketmen said sentiment remained bearish on the back of a weak global trend where gold fell for a third day as a recovery in equity markets diminished the appeal of the metal as a safe-haven.

Globally, gold fell 1.5 per cent to USD 1,191.02 an ounce in Singapore. Besides, fall in demand from jewellers and retailers at prevailing levels at the domestic spot markets dampened sentiment, they said. In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 315 each to Rs 28,635 and Rs 28,485 per ten grams, respectively.

The precious metal had lost Rs 700 in last two days. Sovereign also shed Rs 100 to Rs 22,900 per piece of eight grams. Similarly, silver ready also fell further by Rs 175 to Rs 36,850 per kg and weekly-based delivery by Rs 345 to Rs 36,875 per kg. Silver coins too plummeted by Rs 1,000 to Rs 53,000 for buying and Rs 54,000 for selling of 100 pieces.

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