Gold posts weekly loss of Rs 660 per 10 gm
New Delhi: Gold falling to six-month low of Rs 30,390 per ten gram was the feature of trading during the past week on stockists selling driven by a weakening global trend and dried up seasonal demand.
Gold tumbled Rs 660 to Rs 30,390 per 10 grams, a level last seen on August 16, last year on ending of the festival and marriage season this week and precious metals plunged in overseas markets.
The sentiment dampened as the gold in in New York, which normally set price trend on the domestic front slumped below 1,600 dollar an ounce for the first time since August as signals on the US economy spurred optimism, eroding demand for the precious metal as a store of value.
Manufacturing in the New York region unexpectedly expanded, and consumer confidence rose to three-month high. Billionaire investors George Soros and Louis Moore Bacon cut their stakes in exchange- traded products backed by gold in the fourth quarter.
With the general weakening trend, silver remained under selling pressure on reduced offtake by industrial units and coin makers, amid the metal falling 1.7 per cent to USD 29.85 an ounce.
On the domestic front, the gold of 99.9 and 99.5 percent purity commenced on a weak note at Rs 31,000 and Rs 30,800 per 10 grams, and fell further to settle at Rs 30,390 and Rs 30,190 per 10 grams, respectively, showing a loss of Rs 660 each from the last week's close. Sovereigns fell by Rs 260 to Rs 25,200 per piece of eight grams.
On similar lines, silver ready plunged by Rs 2,120 to Rs 56,530 per kg and weekly-based delivery by Rs 2,100 to Rs 56,060 per kg. Silver coins dropped by Rs 5,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.