Gold posts second weekly loss, falls by Rs 90; silver plunges Rs 600

Globally, gold traded lower by 0.33% at $1,256.20 an ounce and silver was down by 1.02% at $14.69 an ounce in New York

Gold prices drifted lower by Rs 90 to close at Rs 32,100 per 10 gm at the bullion market in the national capital during the week on subdued cues from the global market and fall in demand from local jewellers.

Silver plunged by Rs 600 to Rs 37,800 per kg for the week ended Saturday on poor offtake by industrial units and coin makers.

Traders attributed the fall to tepid demand from local jewellers amid bearish sentiment in the global markets. 

Globally, gold traded lower by 0.33 per cent at $1,256.20 an ounce and silver was down by 1.02 per cent at $14.69 an ounce in New York. 

In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on subdued note, and finished at Rs 32,100 and Rs 31,950 per 10 gm, respectively, down by Rs 90.

Sovereign gold remained unchanged at Rs 25,000 per piece of 8 grams throughout the week.

In line with the overall trend, silver ready traded in the red zone and ended the week at Rs 37,800 per kg, showing a drop of Rs 600.

Weekly-based delivery also tumbled by Rs 798 to close at Rs 37,256 during the week.

Silver coins stood steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.