Gold,silver extend losses on weak global cues,subdued demand

Trading sentiment remained bearish after gold declined to one-week low in global markets,as concerns that Europe’s debt crisis is worsening boosted the dollar.

In Singapore,gold lost 0.6 per cent to a one-week low of USD 1,648.82 an ounce and silver fell 0.7 per cent to USD 31.31 an ounce.

Besides,sluggish domestic demand at prevailing higher levels also dampened the trading sentiment.

On the domestic front,gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 28,790 and Rs 28,650 per 10 gm,respectively. It had lost Rs 200 in the previous session. Sovereign followed suit and shed Rs 50 to Rs 23,500 per piece of eight gram.

Following the weakening trend,silver ready and weekly-based delivery both dropped by Rs 400 each to Rs 55,600 per kg. The metal had tumbled by Rs 900 on Saturday.

Silver coins also declined by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on reduced offtake at existing higher levels.