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 ₹82 tons ₹45,952 per 10 grams, in line with the price in international markets. In contrast, the price of silver collapsed ₹413 to act at ₹61,907 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 ₹36 to ₹45,888 per 10 grams on Tuesday as the international market also saw gold depreciate. However, silver bucked the trend and gained ₹73 to act at ₹61,911 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 ₹438 tons ₹46,214 per 10 grams on Wednesday reflecting international gains in gold prices overnight. Won silver too ₹633 tons ₹62,140 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 ₹491 to act at ₹45,735 per 10 grams. Silver also fell ₹724 tons ₹61,541 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 ₹1.130 to act at ₹45,207 per 10 grams, and silver fell ₹708 tons ₹60,183 per kg. In the international market, gold fell to $ 1,762 an ounce and silver remained unchanged at $ 22.95 an ounce.