Week: Gold and silver extend losses

Jul 26 2014, 16:52 IST
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Gold and silver, extended losses at the bullion market during the week on sustained selling by stockists. (Reuters) Gold and silver, extended losses at the bullion market during the week on sustained selling by stockists. (Reuters)
SummaryGold in New York, which normally set price trend on the domestic front, fell 0.4 per cent this week.

Gold and silver, extended losses at the bullion market during the week on sustained selling by stockists, taking negative cues from overseas markets.

However, fag-end buying minimised the initial losses.

Traders said continued selling by stockists on easing demand at prevailing levels and a weak global trend due to strengthening of dollar reduced appeal for the precious metals.

Gold in New York, which normally set price trend on the domestic front, fell 0.4 per cent this week.

In addition, investors diverting their funds from bullion to surging equity markets, also dampened the sentiment, they said.

The rupee strengthened the week by 18 paise to 60.10 per dollar.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced slightly higher at Rs 28,475 and Rs 28,275 per ten gram on some support but soon met with resistance and plunged to Rs 28,100 and Rs 27,900 before ending at Rs 28,350 and Rs 28,150 per ten gram respectively, showing a modest loss of Rs 100 each.

Sovereign, after moving in a tight range on alternate bouts of buying and selling, settled at last level of Rs 24,900 per piece of eight gram.

In volatile movements, silver ready ended lower by Rs 350 to Rs 44,800 and weekly-based delivery by Rs 650 to Rs 44,280 per kg. Silver coins also dropped by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

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