Gold price extends losses on poor demand, silver recovers
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Despite firm global trend, gold prices extended losses for the second straight day by losing Rs 150 to Rs 31,000 per ten grams in the national capital today due to poor demand.
However, silver found some buying support from industrial units and coin makers and recovered by Rs 200 to Rs 59,400 per kg.
Traders said poor demand at prevailing higher levels and investors shifting their funds to rising equity and forex markets mainly kept pressure on gold prices.
Traders said firming global trend failed to influence the sentiment, as retailers refrained from buying, expecting more correction in the prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 150 each to Rs 31,000 and Rs 30,800 per ten grams respectively. The metal had lost Rs 175 yesterday. Sovereign remained steady at Rs 25,450 per piece of eight gram. On the other hand, silver ready recovered by Rs 200 to Rs 59,400 per kg and weekly-based delivery by Rs 65 to Rs 59,435 per kg. Silver coins also advanced by Rs 500 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.