Gold posts weekly fall of Rs 750 per ten grams
In volatile trade, both gold and silver ended lower at the bullion market during the past week on stockists selling amid a weak global trend.
New Delhi: In volatile trade, both gold and silver ended lower at the bullion market during the past week on stockists selling amid a weak global trend.
Traders said stockists selling in line with a weak global trend as gold fell to four-months low kept pressure on precious metals.
Gold in overseas markets, which normally set price trend on the domestic front, fell to USD 1,236.88 an ounce and silver to USD 19.73 an ounce this week.
Sluggish local demand as retail customers look for more correction in prices also dampened the sentiment to some extent, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced lower and fell further to Rs 31,500 and Rs 31,300 per ten grams, respectively on lack of buying support.
However, it met with low level buying for the ongoing marriage season and recovered to Rs 31,820 and Rs 31,620, before ending at Rs 31,100 and Rs 30,900 per ten grams, respectively, showing a sharp fall of Rs 750 each.
Sovereign shed Rs 100 at Rs 25,200 per piece of eight gram.
In volatile movements, silver ready dropped by Rs 2,200 to Rs 45,300 per kg and weekly-based delivery by Rs 2,195 to Rs 44,545 per kg.
Silver coins also nosedived by Rs 3,000 to Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces on poor demand.