Gold rates on December 8: Latest updates

Zee Media Bureau

In line with global sentiment, gold price extended its downslide for the second straight day by plunging Rs 175 to Rs 25,775 per 10 grams at the Delhi bullion market Tuesday.

Silver also slipped below the Rs 35,000-mark by falling Rs 575 to Rs 34,425 per kg on reduced offtake by industrial units and coin makers.

In futures trading, gold for delivery in February 2016 contract was trading Rs 97, or 0.38 percent down, at Rs 25,455 per 10 grams at Multi Commodity Exchange (MCX).

International market

Globally, gold fell 0.2 percent to USD 1,069.90 an ounce in Singapore while it closed 1.39 percent lower at USD 1,071.20 an ounce in New York yesterday.

Analysts said a weakening trend in the overseas markets where as investors anticipate an increase in US interest rates next week and the slump in oil reduces inflationary pressure and demand for the precious metal as hedge against rising prices, weighed on gold futures here.

Gold prices in major Indian cities:

Delhi: Rs 25,775 per 10 grams; Silver: Rs 34,425 per kg

Mumbai: Rs 25,350 per 10 grams; Silver:  Rs 34,715 per kg

Kolkata: Rs 25,770 per 10 grams; Silver: Rs 34,250 per kg

Chennai: Rs 25,720 per 10 grams; Silver: Rs 34,410 per kg