Gold extends losses on sluggish demand, weak global cues

New Delhi, May 8. Gold prices fell further by Rs 85 to Rs 27,565 per 10 gm in the national capital today on sluggish demand at current levels amid a weak global trend. However, silver found scattered buying support from industrial units and recovered by Rs 400 to Rs 45,700 per kg. Traders said sluggish demand at current levels and a weak global trend mainly kept pressure on gold prices. Gold in New York, which normally set price trend on the domestic front, fell by USD 17.70 to USD 1452.60 an ounce. They said investors funds shifting from bullion to firming equity markets also influenced the market sentiment to some extent. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 85 each to Rs 27,565 and Rs 27,365 per 10 gm, respectively. It had lost Rs 220 yesterday. Sovereign also lost Rs 100 at Rs 23,900 per piece of eight gram. On the other hand, silver ready recovered by Rs 400 to Rs 45,700 per kg and weekly-based delivery by Rs 235 to Rs 44,865 per kg. The white metal had lost Rs 900 in the previous session. Meanwhile, silver coins lacked necessary buying support and dropped by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.