Gold falls for 2nd-straight week; closes at Rs 27,700
New Delhi: Both the precious metals, gold and silver extended losses for the second straight week in the bullion market on sustained selling by stockists on the back of sluggish demand at prevailing higher amid a weak global trend.
Marketmen said sustained selling by stockists on slackened demand at higher levels amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment, mainly influenced the sentiment.
Investors shifting their funds from bullion to rising equity markets which also reduced the metal demand, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced higher at Rs 27,870 and Rs 27,670 on some buying but fell to settle lower by Rs 50 each to Rs 27,700 and Rs 27,500 per 10 grams, respectively on reduced offtake.
Sovereigns lost Rs 100 at Rs 23,900 per piece of eight grams.
Silver ready moved between gain and losses on alternate bouts of buying or selling and ended lower by Rs 200 to Rs 45,800 per kg. However, silver weekly-based delivery found fag-end buying from speculators and rose by Rs 80 to Rs 45,240 per kg.
Silver coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.