Weekly Market Report - Bullion

BULLION: There was no change in the pattern of trading on the bullion market during the past week as both the precious metals, silver and gold extended losses on increased selling by stockists triggered by weakening global trend, amid subdued demand at existing higher levels.

Sentiment remained bearish as gold plunged in overseas markets on rising confidence that European Union leaders will stabilise the bloc's economy, mainly reduced the appeal of the metal as safe haven. 

Retail customers adopting a wait and watch policy at existing higher levels also kept the metal demand subdued and helped in pulling down the prices.     

Silver ready commenced the week higher and rose to Rs 45,475 per kg on some buying support. However, it met with heavy stockists selling on the back of weakening global trend and fell to settle lower by Rs 625 to Rs 44,000 per kg.

Silver on weekly-based delivery also lost Rs 420 to Rs 43,815 per kg.

However, silver coins after moving between gain and losses, settled higher by Rs 100 to Rs 50,300 for buying and Rs 50,400 for selling of 100 pieces on scattered buying for the ongoing marriage season.

With the general weakening trend, the gold of 99.9 and 99.5 per cent purity fell by Rs 65 each to Rs 20,535 and Rs 20,415 per 10 grams, respectively. Sovereign, held steady at Rs 16,900 per piece of eight grams.