Gold, silver extend losses on global cues, low demand

Gold remained weak for the second day, losing R75, at R31,050 per 10 grams at the bullion market on Friday, largely in line with a weakening global trend amid sluggish demand from jewellers at domestic spot market. Silver followed suit and lost R100 to R46,850 per kg. Traders said sentiment remained bearish on the back of a weakening global trend where gold declined as speculation that central banks will remain supportive of growth underpins gains in global equities, curbing demand for a haven. Globally, gold fell 0.04% to $1,337.70 an ounce in Singapore. Furthermore, easing demand from jewellers as well as retailers at the domestic spot market fuelled the downtrend, they said.