Gold extend weakness on sluggish demand, global cues

Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in the national capital today on easing of demand from jewellers and retailers amid a weak global trend.

Silver, however, recovered by Rs 300 to Rs 36,500 per kg on scattered buying by industrial users. Traders said besides slackened demand from jewellers and retailers at current levels, a weak global trend mainly kept pressure on gold prices.

Shifting of funds towards surging equity markets also dampened sentiment, they said.

Gold in Singapore, which normally set price trend on the domestic front, traded lower at $ 1,193.18 an ounce. 

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 26,750 and Rs 26,550 per ten gram respectively. Sovereign followed suit and traded lower by Rs 100 at Rs 23,700 per piece of eight gram.

On the other hand, silver ready rose by Rs 300 to Rs 36,500 per kg and weekly-based delivery by Rs 240 to Rs 36,000 per kg. 

Meanwhile, silver coins continued to be sought at last level of Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.