Gold prices extended their losing streak for the third session, declining by Rs 2,200 to Rs 1.43 lakh per 10 grams in the national capital on Thursday as persistent weakness in the domestic market weighed on bullion.
The yellow metal of 99.9 per cent purity depreciated by Rs 2,200 to Rs 1,43,400 per 10 grams (inclusive of all taxes) from Wednesday’s close of Rs 1,45,600 per 10 grams, according to local traders.
Silver, however, remained unchanged at Rs 1,87,500 per kg.
Traders said gold prices remained under pressure amid subdued buying interest and a decline in international rates.
In global markets, spot prices slipped below USD 3,950 an ounce, down by USD 39.93, or 1 per cent, amid a strong US dollar, adding pressure on the bullion, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
Silver fell by 1.17 per cent to USD 51.06 an ounce.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said that if the dollar index decisively breaches the stiff resistance around 103, it could rise to 104.50, intensifying downside pressure on the precious metal.
The US dollar index traded lower at 102.88 on Thursday.
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