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Gold extends losses, silver plunges below Rs 37,000-mark

Mumbai, Dec 7 (PTI) Gold fell for the second day today, plunging by Rs 225 per 10 grams at the bullion market, on the back of weak overseas cues and muted demand from local jewellers.

Silver followed suit and dropped below the crucial Rs 37,000-mark by tumbling Rs 435 per kg on poor offtake by industrial units.

Standard gold (99.5 purity) dropped by Rs 225 to conclude at Rs 28,760 per 10 grams from Wednesday's closing level of Rs 28,985.

Pure gold (99.9 purity) also shed the same amount to end at Rs 28,910 per 10 grams as compared to Rs 29,135 earlier.

Silver (.999 fineness) slumped by Rs 435 to finish at Rs 36,870 per kg from Rs 37,305 previously.

Globally, gold slid to its lowest in four months, as a bounce in the dollar sparked by optimism over US tax reform plans pushed the metal out of its recent narrow trading range.

Spot gold was down 0.6 per cent at USD 1,255.85 an ounce in early trade.

Among other precious metals, silver was down 0.4 per cent at USD 15.90 an ounce after earlier slipping to its lowest since mid-July at USD 15.82. PTI RD ABM

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.


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