Gold and silver declined all through last week due to depressed market sentiment despite the onset of festival season, when gold demand and prices pick up in normal years.
Domestic gold prices fell, with the 10-tola bar in Mumbai clsing last week at Rs 61,500, lower from previous close of Rs 61,500. The below normal kharif season caused by below-average rain and economic worries drove off new gold buyers.
The precious white metal silver also moved in tandem with the gold prices. Silver (.999 purity) fell sharply to Rs 7,645 per kilogram from its last week