Gold extends losses, down Rs 50 on lacklustre demand

New Delhi: Gold prices fell further by Rs 50 to Rs 30,400 per 10 grams on Wednesday, mostly on account of slack demand from jewellers, ignoring a firm trend overseas.

Silver also remained under selling pressure and shed Rs 50 to Rs 40,350 per kg.

Market analysts said, tepid demand from jewellers and retailers at the domestic spot market weighed heavy on the yellow metal but a better trend overseas, limited the losses.

Globally, gold was trading higher by 0.25 percent to USD 1,283.20 an ounce and silver by 0.38 percent to USD 17 an ounce in Singapore.

Trading volume remained thin due to diversion of funds by investors towards the soaring equity markets, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity drifted down by Rs 50 each to Rs 30,400 and Rs 30,250 per 10 grams, respectively. The precious metal has lost Rs 325 over the past two days.

Sovereign, however, ruled flat at Rs 24,700 per piece of eight grams.

In a similar fashion, silver ready and weekly-based delivery moved down by Rs 50 each to Rs 40,350 per kg and Rs 39,345 per kg, respectively.

Silver coins, however, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.