Gold prices fell to close week at $1,306.20, Silver at $19.52

Written by PTI | Updated: Aug 16 2014, 21:56pm hrs
Tracking a weak trend overseas and slackened demand from jewellers at prevailing levels, gold and silver prices dropped at the bullion market during the week.

Traders said besides easing demand from jewellers and retailers at existing levels, a weak trend in global markets on signs of waning investor demand from the US to China, mainly led to the fall in prices of the precious metal.

Globally, gold fell to close the week at USD 1,306.20 an ounce and silver at USD 19.52 an ounce in New York.

Fag-end recovery in the rupee that closed at two-week high of 60.76 against the US currency, making imports of gold cheaper, also weighed on bullion prices, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity ended at Rs 28,700 and Rs 28,500 per 10 grams, respectively, showing a fall of Rs 60 each.

Sovereign, however, after moving in a tight range, settled at previous level of Rs 24,800 per piece of eight grams in restricted deals.

In line with overall trends, silver ready ended down by Rs 525 to Rs 43,525 per kg and weekly-based delivery by Rs 320 to Rs 43,260 per kg.

Silver coins, however, moved in a narrow range in limited deals and closed steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.