Gold extends losses, down Rs 90 on global cues

New Delhi, Aug 30 (PTI) Gold remained weak for the secondday with prices falling by another Rs 90 to Rs 31,110 per 10grams at the bullion market today, largely in tandem with aweakening global trend amid muted demand from jewellers atdomestic spot market. Silver prices, however, rebounded by Rs 400 to Rs 44,800per kg on increased offtake by industrial units and coinmakers. Traders said sentiment remained bearish in line with aweakening global trend on concerns that the Federal Reservemay raise interest rates before the end of the year, erodingdemand for the precious metals. Globally, gold traded 0.02 per cent lower at USD 1,322.90an ounce in Singapore. In addition, easing demand from jewellers as well asretailers at the domestic market fuelled the downtrend in goldprices, they said. In the national capital, gold of 99.9 per cent and 99.5per cent purity fell by Rs 90 each to Rs 31,110 and Rs30,960 per 10 grams, respectively. The precious metal had shedRs 50 in yesterday’s trade. Sovereign, however, remained steady at Rs 24,300 perpiece of eight grams. On the other hand, silver ready rebounded by Rs 400 toRs 44,800 per kg and weekly-based delivery by Rs 360 to Rs44,130 per kg. Silver coins, however, remained unaltered at Rs 75,000for buying and Rs 76,000 for selling of 100 pieces. PTI SUNKPSMKJ