#Gold extends losses; down Rs 100 on global cues, low demand

Galgotias Ad

Falling for the second day in a row, gold prices today dropped by Rs 100 to over two-week low of Rs 27,350 per ten grams at the bullion market here.

Silver also eased by Rs 50 to Rs 38,800 per kg due to lack of buying support from industrial units.

Traders said weakening global trend where gold slipped to near two-week low as the dollar strengthened amid speculation that the Federal Reserve will raise US interest rates this year, mainly kept pressure on domestic prices.

Gold in Singapore, which normally determines price trend on the domestic front, fell 0.3% to US $1,184.37 an ounce, the lowest level since May 12.

Comments are closed.