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Gold, silver extend losses on weak global cues

Mumbai: Gold prices fell further at the domestic bullion market today on profit taking by stockists amid lower jewellery off-take following weak global cues. Silver also dropped owing to speculative selling on the back of reduced industrial demand. Standard gold (99.5 purity) slid by Rs 115 to finish at Rs 28,410 per 10 grams from Saturday`s closing level of Rs 28,525.

Pure gold (99.9 purity) also went down by a similar margin to conclude at Rs 28,545 per 10 grams from Rs 28,660. Silver ready (.999 fineness) dipped by Rs 255 per kg to end at Rs 56,065 from the previous close of Rs 56,320. In Europe, gold continued to be bearish on concerns ahead of Spain bond auction this week. Spot gold was down at USD 1,647.81 an ounce in the early trade and silver was also trading lower at USD 31.35 an ounce.

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