Gold logs weekly loss of Rs 100 after hitting record high of Rs 34,500
New Delhi: Gold hitting to record high of Rs 34,500 per 10 grams and silver to highest level in seven-month was the feature of trading in the bullion market during the past week as rupee plunged to its lowest ever levels amid weak global trend.
However, late profit-selling by stockists and a sharp recovery in rupee wiped off almost all the initial gains.
The recent rally was attributed to rupee hitting life- time low of 68.85 per dollar on August 28, when gold recorded its biggest ever single-day gain of Rs 2,500 to scaled all-time high of Rs 34,500 per 10 grams.
The trading sentiment cooled down after government took measures to curb free-fall in rupee and raising tariff value in import of gold, mainly pulled down the metals.
Both the precious meals also lost ground on stockists booking profits at existing higher levels and drying up demand in view of off marriage and festival season.
Gold prices falling in overseas markets, which normally sets the trend on the domestic front, from four months high of USD 1,437 an ounce to USD 1,396.50 also helped the precious metal to retreat.
In the national capital, gold of 99.9 purity commenced steady and surged to an a record high of Rs 34,500 per 10 grams in intra-day trading. Thereafter, profit-selling and falling retailers demand pulled it down to close lower by Rs 275 to Rs 31,425 per 10 grams.
On similar lines, gold of 99.5 percent purity settled down by Rs 275 to Rs 31,225 per 10 grams. However, sovereigns ended higher by Rs 200 to Rs 25,300 per piece of eight grams.
On the other hand, silver ready in volatile trade rose by Rs 400 to Rs 53,930 per kg, after rising to Rs 58,500, a level last seen on February 8. Weekly-based delivery declined by Rs 170 to Rs 53,430 per kg, before rising to Rs 59,000.
Silver coins plunged by Rs 2,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces. Though, the prices rose o Rs 92,000/93,000 during the week.