Gold slips this week on muted demand from jewellers, stockists, traders

The yellow-metal sank below Rs 30,000 at the domestic bullion market during the week following a fall in global markets

Silver fell below the Rs 38,000 due to reduced offtake by industrial units and coin makers. Image source: Reuters

Gold fell this week after eight straight weekly gains due to slackened demand from jewellers stockists and traders.

The yellow-metal sank below Rs 30,000 at the domestic bullion market during the week, following a fall in global markets.

Silver too fell below the Rs 38,000 due to reduced offtake by industrial units and coin makers.

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A weak overseas trend, tepid demand from local jewellers and retailers at prevailing levels at domestic market are pulling gold prices down, traders say.

Global Gold futures logged a weekly decline of about 1.6%, the largest since the week ended Dec 8.

March silver shed 20.2 cents, or 1.2%, to $16.139 an ounce, for a loss of 3.4% on the week, according to a PTI report.

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