Gold falls for third week; drops Rs 270 per 10 gms
New Delhi: Both gold and silver declined in the bullion market during the past week on poor demand at higher levels amid a stronger rupee against the dollar.
Demand for precious metals also declined due to ongoing 'Shradhs', which are considered inauspicious in Hindu mythology for purchasing new things.
Stronger rupee against dollar, which makes imports cheaper, and investors diverting funds from bullion to surging equity markets was another dampening factor.
In the national capital, gold of 99.9 and 99.5 percent purity opened higher at Rs 31,750 and Rs 31,550 on some support. Later, the metal met resistance and slipped to close at Rs 31,480 and Rs 31,280 per 10 grams, respectively, a fall of Rs 270 each.
However, sovereign held steady at Rs 25,400 per piece of eight grams on limited deals.
Silver ready, after moving between gain and losses on alternate bouts of buying or selling, settled unchanged at Rs 61,000 per kg.
Silver weekly-based delivery lost Rs 975 to Rs 61,795 per kg on lack of speculators buying support.
Silver coins also dropped by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces on reduced offtake at existing higher levels.