Gold extends losses on weak global cues

Extending losses for the third straight session, gold prices on Thursday fell by Rs 100 to Rs 26,780 per ten gram at the bullion market in the national capital on sustained selling by stockists, influenced by a weakening global trend.

Silver also eased by Rs 450 to Rs 36,750 per kg on reduced offtake by industrial users and coin makers. Marketmen said stockists selling in line with a weakening global trend, where gold fell to the lowest level in a week, mainly pulled down gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 1%to US $1,185.82 an ounce and silver by 2.1% to US $16.16 an ounce, the biggest since November 14.

Besides, sluggish domestic demand at current levels and a weak trend at futures market also dampened the sentiment. In Delhi, gold of 99.9 and 99.5% purity were down by Rs 100 each to Rs 26,780 and Rs 26,580 per ten gram respectively, while sovereign held steady at Rs 23,800 per piece of eight gram in scattered deals.

In line with gold, silver ready dropped by Rs 450 to Rs 36,750 per kg and weekly-based delivery by Rs 560 to Rs 36,060 per kg.

Silver coins also plunged by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.