Gold price and silver extend loss for the third straight week

Mumbai-India (July 12)  Gold and silver extended loss for the third straight week at the bullion market, tracking a weak global trend, amid easing demand from jewellers and retailers.

The yellow metal plunged to the lowest level since March, as a China-led equity market rout across Asia and the Greek debt crisis boosted the dollar, dampening demand for the precious metal as an alternative investment.

In the national capital, the metal commenced the week slightly better at Rs. 26,570 and Rs. 26,420 per ten grams on some support.

Later, in line with global cues, it plunged to a three-month low at Rs. 26,170 and Rs. 26,020 per ten grams, before recovering partially to end at Rs 26,330 and Rs 26,180, still showing a fall of Rs. 220 each.

Silver ready dipped on alternate bouts of buying and selling, finally ended Rs. 450 lower at Rs 35,750 per kg.

Silver weekly-based delivery settled lower by Rs 65 at Rs 35,615 per kg, during the week.

Silver coins also tumbled Rs.1,000 to Rs. 53,000 for buying and Rs. 54,000 for selling of 100 pieces on lack of buying support.

Source: TheHindu