Gold price falls for 2nd week, ends at Rs 28,350 per 10 grams
Continuing its falling streak for yet another week, gold prices fell by another Rs 180 per 10 grams at the bullion market largely due to fall in demand at prevailing levels.
New Delhi: Continuing its falling streak for yet another week, gold prices fell by another Rs 180 per 10 grams at the bullion market largely due to fall in demand at prevailing levels.
In addition, appreciating rupee, which make imports cheaper also weighed on gold prices. The rupee strengthened to three-week high of Rs 59.72 against the US dollar in forex market.
However, silver advanced on increased offtake by industrial units.
Traders said the persistent fall in gold prices was mostly due to slow down in buying activity at current levels and off-marriage season.
They said shifting of funds from bullion to surging equity market, too impacted the trading sentiments.
In the national capital, gold 99.9 and 99.5 percent purity commenced lower at Rs 28,475 and Rs 28,275 per 10 grams, respectively and continued to slide on day-to-day selling by stockists and sluggish demand to close at Rs 28,350 and Rs 28,150 per 10 grams, showing a loss of Rs 180 each.
Sovereigns, however, moved in a narrow range in limited deals and settled at previous week's close of Rs 24,900 per piece of eight grams.
On the other hand, silver ready in volatile movements on alternate bouts of buying and selling, ended higher by Rs 120 to Rs 45,100 per kg. Similarly, silver weekly-based delivery gained Rs 95 to Rs 44,625 per kg.
Silver coins, however, after moving in a tight range in limited deals and maintained steady trend at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.