Mumbai: Gold prices extended losses for the second session at the bullion market here today following selling from stockists amid reduced local buying interest driven by a fall in International markets. Silver followed suit and dropped by Rs290 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) dipped by Rs 105 to settle at Rs 29,195 per 10 grams compared to overnight close of Rs 29,300.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 29,345 per 10 grams compared to Rs29,450. Silver (.999 fineness) also slumped by Rs290 to conclude at Rs42,900 per kg as against Rs43,190.
Globally, gold fell as reinforced expectations of an increase to US interest rates next month pushed the dollar higher, though political and economic uncertainty in Europe and the United States are likely to offer continued price support.
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Spot gold was down 0.7% at $1,229.60 an ounce at early trade, but has still gained more than 6% since the start of the year. Elsewhere, silver fell 0.8% to $17.86 an ounce.
