Weekly review: Gold weakens by Rs 200 per 10 gms
New Delhi: Divergent trend was seen in the bullion market during the past week as gold prices fell on poor demand at prevailing higher levels, while silver recovered on fag-end buying from jewellers and coin makers for the festival season.
Traders said poor demand amid a weak trend in global markets led to a fall in gold prices. The yellow metal fell 0.8 percent in overseas markets during the week, after the European Central Bank and the US Fed refrained from announcing new stimulus measures to boost economy.
Fag-end buying by jewellers and coin makers for the festive season amid higher trend in global markets led to a recovery in silver, they added.
On the domestic front, gold of 99.9 and 99.5 percent purity opened higher and climbed to Rs 30,520 and Rs 30,320 on sustained buying, respectively.
Subsequently, the metal met resistance at prevailing higher levels and slipped to close at Rs 30,100 and Rs 29,900 per 10 grams, respectively a loss of Rs 200 each from last week's level.
Sovereign followed suit and declined by Rs 50 to Rs 24,400 per piece of eight grams after touching a high of Rs 24,500.
Silver ready climbed to Rs 54,000 per kg but met with profit-selling and declined to settle at Rs 53,300 per kg, showing a gain of Rs 300.
Silver weekly-based delivery settled higher by Rs 30 to Rs 53,280 per kg.
Silver coins spurted by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces on account of festive demand.