Gold falls Rs 175 this week; closes at Rs 31,425 per 10 gms
New Delhi: Both gold and silver fell in the bullion market here following sustained selling by stockists on the back of falling demand at prevailing higher levels and a weak global trend. However, fag-end buying reduced the losses.
The market remained closed on Wednesday on account of "Dussehra" festival.
Traders said sustained selling by stockists after easing demand at prevailing higher levels and a weak global trend mainly kept pressure on both gold and silver prices.
Sentiment remained bearish as gold fell for the third week in a row in overseas markets on the dollar's rally and waning inflation concerns. The gold dropped 0.7 percent and silver by 0.2 percent this week in New York.
The market witnessed some lower level buying on the last day of this week to cap some losses, traders added.
In the national capital, gold of 99.9 and 99.5 percent purity opened lower and slipped further at Rs 31,200 and Rs 31,000 but recovered to settle at Rs 31,425 and Rs 31,225 per 10 grams, respectively, a loss of Rs 175 each from the previous week.
Sovereign moved both ways on alternate bouts of buying and selling and ended steady at Rs 25,450 per piece of eight grams.
Silver ready lost Rs 180, while weekly-based delivery ended lower by Rs 720 at Rs 59,640 and Rs 59,100 per kg, respectively, during the week.
Silver coins continued to be asked at unchanged levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.