Gold extends losses on weak global cues, muted demand

Gold prices slipped below the Rs 33,000-mark by falling Rs 155 to Rs 32,875 per 10 gram at the bullion market here Saturday, amid a weak global trend and fading demand from local jewellers at the current levels.

Silver also dropped by Rs 600 to Rs 39,850 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, traders said.

Globally, gold ended lower at USD 1,287.80 an ounce and silver rose to USD 15.67 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities declined by Rs 155 each to Rs 32,875 and Rs 32,725 per 10 gram, respectively.

The precious metal had shed Rs 40 in Friday's trade.

Sovereign, however, remained steady at Rs 25,300 per piece of eight grams.

In sync with gold, silver ready dived Rs 600 to Rs 39,850 per kg, while weekly-based delivery lost Rs 295 to Rs 39,471 per kg.

Silver coins, however, held flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.