In the national capital, gold of 99.9 and 99.5 percent purity commenced the week on a firm note at Rs 31,650 and Rs 31,500 per 10 gram respectively on some buying support.
Bullion: Taking weak cues from the global markets and fall in demand from local jewellers, gold extended losses for the third straight week to close at Rs 31,420 per 10 gram at the bullion market. Silver followed suit and ended below the Rs 41,000-mark by falling Rs 400 to Rs 40,600 per kg due to reduced offtake by industrial units and coin makers.
Traders said apart from a weak trend overseas, prospect of rising US interest, fall in demand from local jewellers and retailers at spot market, mainly put pressure on gold prices.
Globally, gold ended the week at its nearly six-month low at USD 1,252.40 an ounce and silver at USD 16.09 an ounce in New York.
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week on a firm note at Rs 31,650 and Rs 31,500 per 10 gram respectively on some buying support.
Later, it met with resistance and slipped to end at Rs 31,420 and Rs 31,270 per ten gram respectively, showing a fall of Rs 180 each.
Sovereign, however, moved in a narrow range in limited deals and pegged at last level of Rs 24,800 per piece of eight gram.
In volatile movements on alternate bouts of buying or selling, silver ready ended the week lower by Rs 400 to Rs 40,600 per kg and weekly-based delivery by Rs 570 to Rs 39,225 per kg.
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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