Gold falls for 2nd week; weakens Rs 360 per 10 gm

Gold falls for 2nd week; weakens Rs 360 per 10 gm New Delhi: Gold prices extended losses for the second straight week, trading below the Rs 30,000 mark of Rs 29,820 per 10 grams in the bullion market on sustained selling by stockists against sluggish demand.

Silver showed volatile movements on alternate bouts of buying and selling and ended lower.

Traders said sustained selling by stockists in the face of sluggish demand mainly kept pressure on gold prices.

They said investors diverting their funds to rising equity for quick gains, remained another dampening factor for the precious metals.

In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 30,045 and Rs 29,845 on sustained selling by stockists and fell further to close at Rs 29,820 and Rs 29,620 per ten grams respectively, showing losses of Rs 360 each.

Sovereign in limited deals, shed Rs 50 at Rs 25,250 per piece of eight gram.

Silver ready and weekly-based delivery in volatile movements on alternate bouts of trading, settled lower by Rs 200 and Rs 90 to Rs 55,050 and Rs 54,835 per kg respectively.

Silver coins also dropped by Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces on poor demand at prevailing levels.

PTI