Precious metals down on global cues, low demand

Bullion: Gold prices fell in a holiday-shortened week and settled lower at Rs 30,250 per 10 grams at the bullion market largely on weak global cues amid muted demand from local jewelers and retailers.

Silver slumped below Rs 39,000 per kg due to reduced offtake by industrial units and coin makers.

The volume of business was restricted as the market remained closed on Wednesday on account of Independence Day and on Friday as a mark of respect for former prime minister Atal Bihari Vajpayee.

Traders said sentiment was negative largely in sync with a weak trend overseas on a stronger dollar and easing demand from local jewelers and retailers at domestic spot market.

Globally, gold ended the week lower at USD 1,184.60 an ounce and silver at USD 14.77 an ounce in New York.

In the national capital, gold of 99.9 percent and 99.5 percent purity commenced the week on a subdued note and slipped further to close at Rs 30,250 and Rs 30,100 per 10 grams respectively, showing a fall of Rs 450 each.

Sovereign also eased by Rs 200 to Rs 24,400 per piece of 8 grams.

In volatile movements on alternate bouts of buying and selling, silver ready finally ended the week lower by Rs 1,000 to Rs 38,000 per kg in line with global trends. Similarly, weekly-based delivery closed the week down by Rs 1,025 to Rs 36,940 per kg.

Silver coins plummeted by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)