Gold slips from 6-yr high on weak global cues, end of festive demand
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 during the week owing to fall in demand from jewellers and retailers amid a weak trend overseas.
Marketmen said apart from absence of festive season demand from domestic jewellers and retailers, a weak trend in gold markets as 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 safe haven, mainly dampened the sentiment.
Market was shut on Thursday on account of 'Goverdhan Pooja'.
In the national capital gold of 99.9 and 99.5 per cent puruty 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 occasion of 'Dhanteras' and 'Diwali' festival.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)