Gold Price

Gold prices fell for the third straight day to trade five weeks low in the national capital on Wednesday on reduced offtake by stockists, sparked by a weakening trend in international markets.

Both the precious metals, silver and gold, declined on the bullion market on Monday on reduced offtake by retailers and stockists following off marriage season and weak global trend.

Gold, which lost its sheen during last week due to weak global conditions, is likely to remain muted in the domestic market as well and rule in the range of Rs 27,500 per 10 grams, according to experts.

Both gold and silver recovered in the bullion market here on Saturday on buying support by stockists at existing low levels.

Both gold and silver suffered heavy losses in the bullion market here on Friday on fresh selling by stockists and investors in line with a weak trend in the overseas markets.

Snapping a four-day losing streak, gold prices recovered by Rs 100 to Rs 28,940 per 10 gm in the national capital on Thursday on emergence of buying at existing lower levels supported by a firming global trend.

Gold on Wednesday dropped to four-month low on concern that turmoil in Greece will strengthen the dollar and curb demand for the metal as an alternative asset.

Rating agency Fitch on Wednesday said it expects the muted deamnd for Indian gems and jewellery to continue in 2012, with volume growth of below four percent for the overall segment.

Gold prices dipped below the 29K mark to a three-week low of Rs 28,840 per 10 gm, down by Rs 475, in the national capital today on continued selling by stockists sparked by a weakening global trend amid drying up demand.

Both the precious metals, gold and silver tumbled in the national capital on Monday on heavy sell-off by stockists in tandem with a weakening global trend.