Gold extends losses, hits nearly one-month low on global cues
Bullion traders said sentiment remained weak on the back of subdued global trend amid speculation that the US Federal Reserve will raise interest rates as soon as next month, curbing the appeal of the precious metals.
Gold prices slipped further by Rs 100 to trade at a nearly one-month low of Rs 29,650 per ten grams at the bullion market on Saturday largely in line with a weakening global trend amid sluggish demand from jewellers and retailers at domestic spot market.
Silver also remained under selling pressure and shed Rs 50 to Rs 39,900 per kg.
Bullion traders said sentiment remained weak on the back of subdued global trend amid speculation that the US Federal Reserve will raise interest rates as soon as next month, curbing the appeal of the precious metals.
Globally, gold fell 0.22% to $1,251.90 an ounce in New York's on Friday trade.
They said falling demand from jewellers, as well as retailers at domestic spot market too, dampened the sentiment.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs 100 each to Rs 29,650 and Rs 29,500 per ten grams, respectively, a level last seen on April 23.
Sovereign also lost Rs 100 to Rs 23,100 per piece of eight grams.
Following gold, silver ready traded lower by Rs 50 to Rs 39,900 per kg and weekly-based delivery by Rs 30 to Rs 39,840 per kg.
Silver coins, however, held steady at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:46 PM IST