Gold, silver extend loss on weak global cues

Tracking a weakening trend overseas and fall in demand from stockists and investors at prevailing levels, gold prices cracked below the Rs 31,000-mark by losing another Rs 410 per ten grams at the bullion market here today.
While, silver to dipped below the Rs 47,000 level and lost another Rs 970 per kg on reduced offtake by industrial demand.
Standard gold (99.5 purity) dropped by Rs 410 to end at Rs 30,900 per 10 grams from last Friday's closing level of Rs 31,310.
Pure gold (99.9 purity) also moved down by a similar margin to Rs 31,050 per 10 grams as compared to Rs 31,460 earlier.

Silver (.999 fineness) dipped by Rs 970 per kg to conclude at Rs 46,740 as against Rs 47,710 earlier.
Globally, gold slipped to a one-week low, adding to a near 2 percent loss sustained in the previous session on renewed expectations of a US interest rate hike after stronger-than-expected payrolls data.

Spot gold was down 0.4 percent at USD 1,330.16 an ounce in early European trade, after dipping to USD 1,329.58, the lowest since July 27.
The US gold for December delivery inched 0.7 per cent lower to USD 1,335.70 an ounce.
Among other precious metals, silver was down 0.1 per cent at USD 19.63 an ounce after hitting a near two-week low at USD 19.56. It fell 3 per cent on Friday.