Gold price ends at Rs 30,500 with a weekly loss of Rs 1,025
Gold and silver prices ended lower on the bullion market during the past week on stockists selling against falling demand amid a bearish global trend.
New Delhi: Gold and silver prices ended lower on the bullion market during the past week on stockists selling against falling demand amid a bearish global trend.
Traders said stockists selling against falling demand amid a weak global trend where gold fell by 1.7 percent this week mainly helped gold and silver prices to close lower.
Strengthening rupee against the American currency, which make the dollar-priced metal's import cheaper and shifting of funds from weakening bullion to rising equities, also reduced the demand, they said.
In the national capital, gold of 99.9 and 99.5 percent purity resumed lower on stockists selling and fell further to close at Rs 30,500 and Rs 30,300 per ten gram, respectively, showing a notable fall of Rs 1,025 each.
Sovereign followed suit and declined by Rs 100 to Rs 25,100 per piece of eight gram.
Silver ready remained under selling pressure and dropped by Rs 1,575 to Rs 43,500 per kg and weekly-based delivery by Rs 225 to Rs 44,050 per kg this week.
Silver coins also plummeted by Rs 3,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces on poor demand at prevailing higher levels.