Gold Price: Despite starting on a high note, there was a decline in gold prices throughout the week. Despite this, domestic demand for the precious yellow metal in India remained weak.
During this entire week, there was a significant fall in the prices of gold in the domestic markets. However, despite the continuous fall in prices, the demand for gold in India remained low. On the other hand, jewelers expect the demand for the precious yellow metal to peak again in the domestic market in view of the upcoming wedding and festive season. "Retail demand is much lower than normal. Because many consumers are conserving cash," a Mumbai-based bullion dealer of a private gold importing bank told Reuters.
In line with the price in the international markets, gold started the week higher after rising by Rs 82 to Rs 45,952 per 10 grams. On the contrary, silver was trading lower by Rs 413 at Rs 61,907 per kg. It is worth noting that in the international market, gold was trading at $ 1790 an ounce and silver was flat at $ 23.66 an ounce.
On Tuesday, the yellow metal fell by Rs 36 to Rs 45,888 per 10 grams as gold prices also witnessed a fall in the international market. However, silver bucked the trend and traded higher by Rs 73 at Rs 61,911 per kg. In the international market, gold was trading at $ 1788 an ounce and silver was flat at $ 23.68 an ounce.
On Wednesday, gold rose by Rs 438 to Rs 46,214 per 10 grams, reflecting the international gains made in gold prices overnight. Silver also rose by Rs 633 to Rs 62,140 per kg on the same day. In the international market, gold and silver were trading flat at $ 1,802 an ounce and $ 23.79 an ounce, respectively.
On Thursday, the price of gold fell by Rs 491. After which gold was trading at Rs 45,735 per 10 grams. Silver also declined by Rs 724 to Rs 61,541 per kg. On the other hand, the price of gold fell to $ 1,786 an ounce in the US and silver fell to $ 23.60 an ounce abroad.
Significantly, the precious yellow metal could not sustain the high note of the beginning of the week and recorded another fall on Friday. Gold prices fell by Rs 1130 to Rs 45,207 per 10 grams and silver by Rs 708 to Rs 60,183 per kg. With this, gold fell at $ 1,762 an ounce in the international market and silver was flat at $ 22.95 an ounce.
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