New Delhi: Both the precious metals, gold and silver, extended losses for the second straight day in the national capital on Monday on sustained selling by stockists, driven by subdued demand amid weakening global trend.
While gold continued to slide for the second straight day by losing Rs 100 to Rs 28,790 per 10 gm, and silver fell by Rs 400 to Rs 55,600 per kg.
Trading sentiment remained bearish after gold declined to one-week low in global markets, as concerns that Europe's debt crisis is worsening boosted the dollar.
In Singapore, gold lost 0.6 percent to a one-week low of USD 1,648.82 an ounce and silver fell 0.7 percent to USD 31.31 an ounce.
Besides, sluggish domestic demand at prevailing higher levels also dampened the trading sentiment.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 100 each to Rs 28,790 and Rs 28,650 per 10 gm, respectively. It had lost Rs 200 in the previous session. Sovereign followed suit and shed Rs 50 to Rs 23,500 per piece of eight gram.
Following the weakening trend, silver ready and weekly-based delivery both dropped by Rs 400 each to Rs 55,600 per kg. The metal had tumbled by Rs 900 on Saturday.
Silver coins also declined by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on reduced offtake at existing higher levels.