In a mixed pattern of trading, gold extended losses for the second straight day and prices fell by another Rs160 to Rs27,030 per ten grams in tandem with weak global market, while silver rebounded by Rs510 to Rs37,210 per kg on revival of buying by industrial units.
Traders said weakening global trend where gold fell to a six-week low on mounting speculation that the Federal Reserve is moving closer to raising US interest rates mainly kept pressure on gold prices. Gold in New York, which normally determines price trend on the domestic front, fell 0.7 per cent to settle at $1,174.50 an ounce after touching $1,168.40, the lowest since March 20 in Friday’s trade.
Besides, fall in demand from jewellers and retailers at prevailing levels fuelled the downtrend in gold, they said. In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs160 each to Rs27,030 and Rs26,880 per ten gram respectively. It had plunged by Rs285 on Friday.