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Gold cracks Rs 31,000-mark on weak global cues

The slide in gold remained unabated for the second straight week with prices cracking below the Rs 31,000-mark to end at an over five-month low of Rs 30,970 per 10 grams, largely in sync with a weak trend overseas and muted demand from jewellers at the domestic spot market.

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Gold cracks Rs 31,000-mark on weak global cues
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The slide in gold remained unabated for the second straight week with prices cracking below the Rs 31,000-mark to end at an over five-month low of Rs 30,970 per 10 grams, largely in sync with a weak trend overseas and muted demand from jewellers at the domestic spot market.

Silver also eased on poor offtake by industrial units.

Sentiment remained downbeat in tune with a weak trend overseas where gold sank to a one-year low as the dollar powered higher, eroding appeal of the precious metal, after comments from US Federal Reserve chairman Jerome Powell which reaffirmed expectations for more interest rate rises in the world's largest economy.

Muted demand from local jewellers and retailers at the domestic spot market too weighed on prices.

Globally, gold ended the week lower at USD 1,231.50 an ounce, while silver weakened to USD 15.51 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week on a better note at Rs 31,150 and Rs 31,000 per 10 grams on some buying support.

Later, it met with resistance at prevailing levels amid a weak trend overseas and slipped below the Rs 31,000-mark to touch at low of Rs 30,800 and Rs 30,650, before bouncing back partially to settle at Rs 30,970 and Rs 30,820 per 10 grams respectively, still down by Rs 120 each.

Sovereign, however, moved in a narrow range in limited deals and pegged at the last level of Rs 24,700 per eight grams.

Silver ready ended the week lower by Rs 660 to Rs 39,255 per kg and weekly-based delivery shed Rs 590 to Rs 38,455 per kg.

Silver coins, after remaining flat for the major part of the week, turned better at the fag-end and spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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