Gold falls Rs 360 per 10 gms this week

Gold falls Rs 360 per 10 gms this week New Delhi: Both gold and silver declined in the bullion market here during the past week on sluggish demand from stockists and retailers at prevailing higher levels despite a firming global trend.

Traders said besides sluggish demand, investors diverting funds from bullion to rising equity market, which climbed to 14-month high during the week, also reduced the metals' demand.

In the national capital, gold of 99.9 and 99.5 percent purity started slightly higher at Rs 32,525 and Rs 32,325, respectively, on some local buying but profit-selling at existing higher levels trimmed the gains.

They settled the week at Rs 32,140 and Rs 31,940 per 10 grams, respectively, showing a fall of Rs 360 each.

Sovereign moved between gains and losses on alternate bouts of buying and selling and ended at last level of Rs 25,450 per piece of eight grams.

During the week, silver ready shed Rs 700 and weekly- based delivery dropped by Rs 1,040 to Rs 61,200 and Rs 63,240 per kg, respectively, on reduced offtake by industrial units and coin makers.

Silver coins also lacked necessary buying support at prevailing higher levels and fell by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.