Gold, Silver Extend Losses Amid Sluggish Demand

New Delhi: Gold, silver prices continued to extend losses for the second straight day in the national capital on Tuesday owing to a sluggish demand from jewellers and weak global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity plunged Rs1,750 to Rs77,800 per 10 grams. It had closed at Rs79,550 per 10 grams in the previous session. Silver also plummeted Rs2,700 to Rs91,300 per kg against the previous close of Rs94,000 per kg. Price of gold of 99.5 per cent purity declined Rs1,750 to Rs77,400 per 10 grams. On Monday, the yellow metal had settled at Rs79,150 per 10 grams. In the overseas markets, Comex gold futures fell $19.90 per ounce, or 0.76 per cent, to $2,597.80 per ounce. Comex silver futures traded 0.6 per cent lower at $30.43 per ounce in the Asian market hours. Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery plunged Rs612, or 0.81 per cent, to trade at Rs74,739 per 10 grams. Silver contracts for December delivery slumped Rs742, or 0.83 per cent, to Rs88,440 per kg on the MCX Jateen Trivedi, VP-Research Analyst, Commodity and Currency, LKP Securities, said: “Gold continued to face significant pressure as the strength in the dollar index kept prices under $2,600 on COMEX. In MCX, gold fell, slipping below Rs75,000 for the first time since October 10.