Gold, silver extend losses on weak global cues

New Delhi, Aug 2. Both the precious metals, gold and silver, fell for the second straight session today on heavy selling by stockists in tandem with a weak global trend. Gold plunged further by Rs 375 to Rs 28,350 per 10 grams, after losing Rs 475 in the previous session. Silver lost Rs 520 to Rs 41,100 per kg on poor offtake by industrial units and coin makers. Traders said increased selling by stockists in line with a weakening global trend where gold fell below USD 1,300 an ounce as US economic reports backed the case for reduced stimulus and investors awaited employment data, mainly kept pressure on both gold and silver prices. Gold in Singapore, which normally sets the price trend on the domestic front, fell by 2 per cent to USD 1,283.49 an ounce and silver by 1.5 per cent to USD 19.32 an ounce. Besides, falling demand at prevailing higher levels further fuelled the downtrend in the precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals. In line with a general weak trend, silver ready dropped further by Rs 520 to Rs 41,100 per kg and weekly-based delivery by Rs 580 to Rs 40,900 per kg respectively. The white metal had lost Rs 640 in last trade. Meanwhile, silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in restricted trade.