Gold, silver results in more losses on global cues
Traders said sentiment remained bearish in sync with the weak trend and considerable fall in demand from local jewellers and retailers at domestic spot market.
Bullion: Gold extended its slide for the third straight week and prices drifted lower by Rs 190 to end at Rs 30,780 per 10 grams at the bullion market taking weak cues from overseas markets and fall in demand from local jewelers at the domestic spot market.
Traders said sentiment remained bearish in sync with the weak trend and considerable fall in demand from local jewelers and retailers at domestic spot market.
Globally, gold ended the week lower at USD 1,223.20 an ounce and silver at USD 15.47 an ounce in New York.
Diversion of funds towards the record-breaking domestic equity markets too weighed on the gold prices, they added.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a subdued note and day-to-day increased selling, triggered by a weak global trend, slipped to Rs 30,740 and Rs 30,590 per ten grams respectively, before ending at Rs 30,780 and Rs 30,630 per ten grams, showing a fall of Rs 190 each.
Sovereign, however, moved in a narrow range in scattered deals and pegged at the last level of Rs 24,700 per piece of eight grams.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)