Gold prices fall during the week after starting at full speed; Domestic demand remains weak
Gold prices fell in domestic markets during the week and demand for the yellow metal in India remained low this week despite a price decline. Jewelers hope that the upcoming wedding and festival season can stimulate demand for the yellow precious metal in the domestic market. “Sentiment is weak. Retail demand is lower than normal as many consumers are saving cash,” a Mumbai-based bullion dealer at a private gold importing bank told Reuters.
Gold got the week off to a good start after the price rose â¹82 tons â¹45,952 per 10 grams, in line with the price in international markets. In contrast, the price of silver collapsed â¹413 to act at â¹61,907 per kilogram. In the international market, gold made gains, trading at $ 1,790 an ounce, while silver was unchanged at $ 23.66 an ounce.
The price of the yellow metal fell slightly â¹36 to â¹45,888 per 10 grams on Tuesday as the international market also saw gold depreciate. However, silver bucked the trend and gained â¹73 to act at â¹61,911 per kg. In the international market, gold traded lower at $ 1,788 an ounce and silver was flat at $ 23.68 an ounce.
Gold saw a jump from â¹438 tons â¹46,214 per 10 grams on Wednesday reflecting international gains in gold prices overnight. Won silver too â¹633 tons â¹62,140 per kg on the same day. In the international market, gold and silver traded unchanged at $ 1,802 an ounce and $ 23.79 an ounce, respectively.
The price of gold fell on Thursday â¹491 to act at â¹45,735 per 10 grams. Silver also fell â¹724 tons â¹61,541 per kilogram. Overseas in the US, the price of gold fell to $ 1,786 an ounce and the price of silver fell to $ 23.60 an ounce.
The yellow precious metal failed to hold the high pitch it started the week on and collapsed again on Friday. Gold prices fell â¹1.130 to act at â¹45,207 per 10 grams, and silver fell â¹708 tons â¹60,183 per kg. In the international market, gold fell to $ 1,762 an ounce and silver remained unchanged at $ 22.95 an ounce.