Gold prices slip from 6-year highs1 min read . Updated: 10 Nov 2018, 04:32 PM IST
Gold prices fell by ₹580 to end at ₹32,070 per 10 grams on the absence of festival season demand from jewellers and retailers, and a weak global trend
New Delhi: Breaking its six-straight weeks of gains, gold slipped from near six-year highs with prices falling by ₹ 580 to end at ₹ 32,070 per 10 grams at the bullion market on Saturday owing to the fall in demand from jewellers and retailers, amid a weak trend overseas.
Marketmen said apart from the absence of festival season demand from domestic jewellers and retailers, a weak trend in the global market hit sentiment. The dollar firmed after the US Federal Reserve kept interest rates steady with a fourth hike for this year expected next month, diminishing the appeal of gold as the safe haven.
The bullion market was shut on Thursday on account of Govardhan Pooja.
Globally, gold slipped to $1,210.40, the lowest in a week, and silver at $14.25 an ounce, compared with the previous week’s closing of $1,233.20 and $14.82 an ounce.
In the National Capital, gold of 99.9 and 99.5 per cent purity commenced the week on a higher note at ₹ 32,690 and ₹ 32,540 per 10 grams, respectively, on increased buying by jewellers and retailers on the auspicious occasions of Dhanteras and Diwali festivals.
Later, gold of 99.9 and 99.5 per cent purity slipped gradually to end the week lower by ₹ 580 each at ₹ 32,070 and ₹ 31,920 per 10 grams, respectively.
Tracking gold, silver ready and weekly-based delivery remained under pressure for the better part of the week and ended lower by ₹ 1,530 and ₹ 1,940 to ₹ 38,000 and ₹ 36,880 per kg, respectively. Silver coins, too, plunged by ₹ 1,000 to ₹ 75,000 for buying and ₹ 76,000 for selling of 100 pieces.
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