slipped and succumbed to fresh bouts of profit-taking at the domestic bullion market bringing an abrupt end to a straight four-weeks gain.
Subdued demand from jewellery traders at current levels and a smart recovery in local equities further dampened the yellow metal, sliding below the key psychological Rs 28,000-mark amidst bearish global cues.
“Gold demand improved this week, boosted by a fall in prices overseas, though some consumers are waiting in the hope that import duty will be cut in the government’s budget next week,” a dealer said.
Elsewhere, silver also witnessed heavy unwinding by speculative stockists and traders to end below the Rs 40,000- level last seen at January 10, 2017.
In worldwide trade, Gold futures ended lower yesterday for the fourth day in a row, losing more than 1 percent for the week as strength in the dollar and recent all-time highs in major US stock indexes weakened demand for so-called safe-haven investments.
Gold found itself exposed to painful losses this week after the renewed investor risk appetite from the Trump effect and dollar s resurgence encouraged sellers to attack the metal incessantly, a dealer said.
Gold for February delivery fell USD 1.40 yesterday, to settle at USD 1,188.40 an ounce settled roughly 1.4 percent lower for the week.
Gold has posted declines each day since ending Monday at USD 1,215.60 its highest settlement since November 17.
While, March silver climbed by 28.60 cents, to USD 17.136 an ounce, erasing its weekly loss. It was up about 0.6 percent from last Friday s settlement of USD 17.032 per ounce.
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(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
Source: dnaindia.com