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Gold posts weekly fall of Rs 185; closes at Rs 30,070 per 10 gm

Last Updated: Saturday, March 30, 2013 - 18:57

New Delhi: In a brief four-trading session week, both the precious metals, gold and silver drifted on the bullion market on stockists selling against sluggish demand at prevailing higher levels due to off-marriage season.

The market remained closed on Tuesday and Wednesday for 'Holi' festival, while overseas markets had a long week-end by closing on March 29 for Good Friday.

Traders said stockist selling on sluggish demand due to off-marriage season mainly pulled down both gold and silver prices.

They said a long week-end in global markets, which control price trend on the domestic front, further influenced the trading sentiment.

In the national capital, gold of 99.9 and 99.5 percent purity commenced lower on lack of buying support and fell further to finish at Rs 30,070 and Rs 29,870 per 10 grams, respectively, a fall of Rs 185 each.

Sovereign which remained steady for the major part of week in limited deals, met with fag-end selling and declined by Rs 50 to Rs 25,250 per piece of eight grams.

In line with a general weak trend, silver ready close lower by Rs 915 to Rs 53,500 per kg, while silver weekly-based delivery tumbled by Rs 1,300 to Rs 52,900 per kg on reduced offtake by industrial units and coin makers.

Silver coins also suffered a setback of Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces on poor demand .


First Published: Saturday, March 30, 2013 - 18:55
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