Zee Media Bureau
New Delhi: Gold prices fell by Rs 530 during the past week as stockists offloaded their stocks in tandem with a downtrend in international markets but fag-end buying limited the losses.
At the Multi Commodity Exchange (MCX), gold for delivery in February recovered by Rs 192 to settle at Rs 28,554 per ten grams Friday after moving in range of Rs 28,276- Rs 28,649.
Similarly, silver for delivery in March gained by Rs 138 to Rs 44,007 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, dipped to a fresh 6-month low of USD 1,185.10 an ounce. However, the yellow metal regained some of its lost ground and reclaimed USD 1,200 level in second half of trade. Spot gold last traded up 1 percent at USD 1,202 per ounce on short-covering.
In New York, gold for February delivery rebounded by USD 10.10 or 0.9 percent at USD 1,203.70 an ounce on the Comex division of the NYMEX.
The metal is down around 3 percent this week, and some 28 percent year-to-date. It is also preparing to log its first annual price fall since 2000.
In the national capital, gold of 99.9 and 99.5 percent purity commenced lower and fell further to Rs 30,160 and Rs 29,960 per ten grams on stockists selling.
Later, the prices recovered to close at Rs 30,400 and Rs 30,200 per ten grams, respectively, still lower by Rs 530 each.
Sovereign lost Rs 150 at Rs 25,150 per piece of eight gram.
In volatile movements on alternate bouts of buying and selling silver ready ending lower by Rs 450 at Rs 43,950 per kg and weekly-based delivery by Rs 775 to Rs 44,000 per kg this week.
However, silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
First Published: Saturday, December 21, 2013, 16:39