Gold posts weekly fall of Rs 330; closes at Rs 30,060 per 10 gm
New Delhi: Gold prices dipping below Rs 30,000-first time in seven months was the feature of trading in the bullion during the past week on hectic selling driven by a global meltdown, while fag-end low level buying reduced the losses.
The yellow metal had tumbled to Rs 29,720 per 10 gm on Thursday, a level last seen on July 21, 2012, and silver dropped by Rs 1,330 to Rs 55,200 per kg after touching a low of Rs 54,550.
Sentiment turned bearish after stockists offloaded their positions, tracking a weak global trend where gold slumped to a seven-month low as signs of economic optimism eroded demand for the precious metal as a haven. The gold down 2.3 percent and silver by 4.5 percent this week.
On the domestic front, gold of 99.9 and 99.5 percent purity commenced lower at Rs 30,400 and Rs 30,200 and fell further to touch a lowest level of Rs 29,720 and Rs 29,520 per 10 gm on heavy sell off by stockists following steep fall in global markets.
Later, it met with low level buying from retailers and rebounded to close at Rs 30,060 and Rs 29,860 per 10 gm, still down by Rs 330 each from the last close.
Sovereign after moving between gains and losses and settled at last level of Rs 25,200 per piece of eight gram.
Silver ready commenced higher at Rs 56,850 per kg on some buying. Later, it met with heavy selling by stockists and dropped to Rs 54,550 before recovering to finish at Rs 55,200 per kg. Still showing a notable fall of Rs 1,330.
Silver weekly-based delivery followed suit and dropped by Rs 2405 to Rs 53,655 per kg during the week.
However, silver coins showed both sides movements on alternate bouts of buying or selling and settled higher by Rs 2000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.