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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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