Gold price falls Rs 280 for the week
New Delhi: Gold prices dipped below Rs 30,000 per ten grams for the first time in over four-month on the bullion market during the past week on increased selling by stockists against sluggish demand at prevailing levels. However, fag-end recovery largely in line with global trend minimised initial losses.
On the other hand, silver spurted on increased offtake by industrial units and coin makers.
Traders said persistent selling by stockists against low demand at prevailing higher levels and strengthening rupee against the dollar mainly kept pressure on gold prices. The rupee closed higher at 61.85 against the dollar.
In the national capital, gold of 99.9 and 99.5 percent purity after a weak start and dipped to Rs 29,900 and Rs 29,700 per ten grams, respectively, the level last seen on August 14.
Thereafter, precious metal staged a partial recovery on the back of firming trend overseas to close at Rs 30,120 and Rs 29,920 per ten grams, respectively, still down by Rs 280 each from the previous week's close.
Sovereign also shed Rs 50 at Rs 25,100 per piece of eight gram.
Silver ready, after a lower opening, staged a comeback following emergence of demand from industrial units and coin makers and settled higher by Rs 1,050 to Rs 45,000 per kg and weekly-based delivery by Rs 1,150 to Rs 45,150 per kg this week.
However, silver coins after moving between gains and losses on alternate bouts of buying and selling settled flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.