Gold Extends Losses For Second Straight Day: 5 Points

Gold prices extended their losses for the second straight day on Monday owing to soft local demand and weak global cues. Silver prices were also subdued owing to reduced offtake by industrial units and coin makers. Gold prices shed Rs 20 to Rs 31,400 per ten grams at the bullion market while silver lost Rs 250 at Rs 40,350 per kg. In the global market, gold fell by 0.37 per cent to $1,247.80 an ounce and silver by 1.06 per cent to $15.92 an ounce.

Here are five things to know about gold, silver trade today:

1) In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 20 each to Rs 31,400 and Rs 31,250 per ten grams, respectively. The yellow metal had lost Rs 230 in the previous two sessions.

2) A fall in demand from local jewellers and retailers at the domestic spot markets fuelled the downtrend.

3) Marketmen said that sentiment remained bearish in line with a subdued trend overseas where gold prices edged lower as the dollar firmed after last week's US inflation data supported the Federal Reserve's outlook for future interest rate hikes.

4) Tracking gold, silver ready dropped further by Rs 250 to Rs 40,350 per kg and weekly-based delivery by Rs 185 to Rs 39,040 per kg. In the international market, silver rose 1.2 per cent to $16.18 an ounce.

5) On the other hand, silver coins, however, continued to trade at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.