Gold extends losses; down Rs 200 on global cues, low demand

July 30, 2015 15:22

Falling for the third straight day, gold prices tumbled by another Rs 200 to Rs 25,090 per ten gram at the bullion market today in line with a weakening global trend amid subdued demand from jewellers.

Silver also eased by Rs 150 to Rs 34,050 per kg on reduced offtake by industrial units and coin makers.

Traders said a weakening global trend where gold heading for its largest monthly decline in two years, as the Federal Reserve moved closer to boosting US interest rates for the first time since 2006, mainly kept pressure on precious metals prices.

Globally, gold fell 1.1 per cent to $1,084.51 an ounce and silver by 1 per cent to $14.66 an ounce in Singapore.

Besides, fall in demand from jewellers and retailers who deferred their buying plans in anticipation of further dip in prices, dampened the sentiment to some extent, they said.

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