Gold fails to extend gains; weekly loss mount to Rs 350
New Delhi: Both the precious metals, gold and silver ended lower in the bullion market during the past week on sluggish demand at prevailing higher levels despite firm global trend.
Traders said investors shifted their funds from bullion to rising equity markets which kept the metals under pressure.
The domestic markets, which normally take cues from the internatonal trend, remained jittery and failed to recover. Gold in overseas maekts rose 1.8 percent to 1,489.20 dollar an ounce and silver by 2.1 percent to 24.28 dollar an ounce.
In the national capital, gold of 99.9 and 99.5 pecent purity commenced higher at Rs 28,200 and Rs 28,000 per ten grams on fresh buying. Later, it met with stockists selling on back of sluggish demand at prevailing higher levels and settled to Rs 27,750 and Rs 27,550 per ten grams respectively, showing a loss of Rs 350 each from previous week's level.
Sovereign followed suit and declined by Rs 200 to Rs 24,000 per piece of eight gram.
On the other hand, silver ready lost Rs 900 at Rs 46,000 per kg this week on reduced offtake by industrial units while weekly-based delivery managed to close higher by Rs 160 to Rs 45,160 per kg on speculators support.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces on fall in demand at existing higher levels.