Gold logs weekly loss of Rs 1,680 per 10 gm

Gold logs weekly loss of Rs 1,680 per 10 gm New Delhi: Gold suffering a biggest ever single-day loss of Rs 1,250 to hit one-year low of Rs 28,350 per 10 gram was the feature of trading in the national capital during the past week on frantic selling by stockists driven by steep fall in global and domestic futures markets.

The rolling down gold recorded a hefty loss of Rs 1,680 to Rs 28,350 per 10 gram during the weak, its lowest level since April 7 as the metal recorded a steep fall in overseas markets on investors shifting their funds to forex and equities on signs of global economic recovery.

While gold in New York, which control price trend in domestic markets, tumbled below USD 1,500 to USD 1,477 an ounce for the first time in since July 2011.

Silver also tumbled on poor off take by industrial units and coin makers, beside weak global trend.

Despite ongoing 'Navratras' festival an auspicious week in Hindu mythology for buying precious metals, retail customers remained on sidelines on expectations of more corrections in prices, further dampened the sentiment.

Gold hitting nearly 13-month low in futures trade on the Multi Commodity Exchange on speculators off-loading their positions was another negative factor for the market.

In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 29,990 and Rs 29,790 per 10 grams and fell further to settled at Rs 28,350 and Rs 28,150 per 10 grams, respectively, showing a hefty fall of Rs 1,680 each from the precious week's close. Sovereign followed suit and plunged by Rs 300 to Rs 24,800 per piece of eight gram.

On similar lines, silver ready dropped by Rs 2,300 to Rs 50,100 per kg and weekly-based delivery by Rs 2760 to Rs 48,780 per kg during the week. Silver coins too plunged by Rs 3000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

PTI