Gold falls for 2nd week but manages to hold above 30K
Both the precious metals, gold and silver prices slid for the second straight week in the bullion market on sustained selling by stockists on sluggish demand.
New Delhi: Both the precious metals, gold and silver prices slid for the second straight week in the bullion market on sustained selling by stockists on sluggish demand.
However, fag-end strong recovery on low level buying influenced by firming global trend, minimised the losses.
Traders said sustained selling by stockists due to subdued demand mainly helped both gold and silver prices to surrender further ground.
Selling by stockists came in at a time when the market was passing through an off marriage season and the government hiked tariff value on gold import, dampening the sentiment, they said.
A fag-end sharp upsurge of Rs 470 per ten gram on firming global trend mainly pushed up the prices to wipe off most of the losses. The gold rebounded from 10-month low in New York as lower US job data, boosted prospects that Federal Reserve might take more steps to spur growth.
In the national capital, gold of 99.9 and 99.5 percent purity commenced higher at Rs 30,200 and Rs 30,000 per ten grams but soon met with heavy sell-off triggered by a weak global trend and tumbled to touch a ten month low of Rs 29,500 and Rs 29,300 per ten grams.
On last trading session, it staged a strong recovery on the back of firm global cues and ended at Rs 30,030 and Rs 29,830 per ten grams respectively, still showing a modest fall of Rs 40 each from the previous week's close. Sovereign lost Rs 150 at Rs 25,100 per piece of eight gram.
In line with a general weak trend, silver ready dropped by Rs 1100 to Rs 52,400 per kg and weekly-based delivery by Rs 1360 to Rs 51,540 per kg during this week.
Silver coins also fell by Rs 1000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.