Gold prices slip from 6-year highs
Gold prices fell by Rs 580 to end at Rs 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 Rs 580 to end at Rs 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 Rs 32,690 and Rs 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 Rs 580 each at Rs 32,070 and Rs 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 Rs 1,530 and Rs 1,940 to Rs 38,000 and Rs 36,880 per kg, respectively. Silver coins, too, plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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