Gold posts weekly fall of Rs 40 per 10 gms

Gold posts weekly fall of Rs 40 per 10 gms New Delhi: Both the precious metals, gold and silver ended lower in the bullion market during the past week on stockists selling in tandem with a weak global trend.

Traders said stockists selling in tandem with a weak global trend mainly led to fall in gold and silver prices.

The yellow metal dropped 3.2 percent in two weeks in global markets on concern that global central banks will reduce stimulus measures, curbing demand for the metal as a hedge against inflation.

However, demand for ongoing 'Navratri' -- an auspicious week for purchasing new things in Hindu mythology capped the loss.

In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 31,515 and Rs 31,315 and slipped to Rs 31,260 and Rs 31,060. Later, met with auspicious 'Navratri' festival buying and recovered to Rs 31,725 and Rs 31,525 before ending lower by Rs 40 at Rs 31,600 and Rs 31,400 per 10 grams, respectively.

Sovereigns moved both ways on alternate bouts of buying and selling and settle at previous level of Rs 25,450 per piece of eight grams during the week.

In a similar fashion, silver ready and weekly-based delivery plunged by Rs 680 and Rs 1405 to Rs 59,820 and Rs 59,820 per kg during the week.

Silver coins also fell by Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces owing to slackened demand at prevailing higher levels.

PTI