Gold prices log weekly fall of Rs 850 per 10 gm
New Delhi: Gold prices slipped from three-week high in the bullion market during the past week on stockists selling at prevailing higher levels due to sluggish demand amid a weak global trend, but fag-end buying reduced the initial losses.
Silver also dropped on poor offtake by industrial units and coin makers.
Market remained closed on Wednesday on account of "Gandhi Jayanti".
Traders said stockists selling at prevailing higher levels on sluggish demand due to inauspicious fortnight of "Sharads" mainly kept pressure on precious metals.
Weak global trend as investors weighed the outlook for reducing stimulus amid a partial shutdown of the US government and wrangling over the nation's debt ceiling, also influenced the sentiment, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 30,885 and Rs 30,685 per ten gram on stockists selling and fell further to Rs 30,310 and Rs 30,110 per ten gram, respectively.
Subsequently, fag-end buying for "Navratras," an auspicous week in Hindu buying for making fresh purchases pushed up the metal to end at Rs 30,350 and Rs 30,150 per ten gram, still down by Rs 850 each from the last week's level.
Sovereign shed Rs 100 at Rs 25,000 per piece of eight gram.
In volatile movements on alternate bouts of buying and selling the white metal ended lower. Silver ready plunged by Rs 1,230 to Rs 48,450 per kg and weekly-based delivery by Rs 1,405 to Rs 48,195 per kg this week.
Silver coins dropped by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.