Gold, silver lose substantially in last week of 2011

PTI New Delhi | Updated on December 31, 2011 Published on December 31, 2011


Both the precious metals, silver and gold lost substantial ground in the last week of 2011 on the bullion market on heavy selling by stockists influenced by a volatile trend in global markets.

Trading sentiment turned bearish as retailers and investors refrained from enlarging their positions following volatile international markets amid the euro-zone debt crisis.

Gold fell 4.7 per cent in last six sessions to the lowest level since July 7 in New York as firming US dollar curbed demand for the metal as an alternative investment.

In additions, sluggish domestic demand due to slow down in marriage season further fuelled the downtrend in the precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity after a lower start fell to Rs 27,340 and Rs 27,200 before recovering to end at Rs 27,640 and Rs 27,500 per 10 gram respectively, still down by Rs 400 each.

However, sovereign moved on both ways on alternate bouts of buying or selling and settle around previous level of Rs 23,300 per piece of eight gram.

In a similar fashion, silver ready and weekly-based delivery commenced lower and nosedived to Rs 49,100 and Rs 49,800 per kg. However, a fag-end buying rebound the prices to end at Rs 51,150 each, still showing loss of Rs 1,400 and Rs 1,960 respectively.

In line with a general weakening trend, silver coins fell by Rs 1000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.

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Published on December 31, 2011
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