Gold prices declined in the national capital during the last week of the year 2009 on emergence of selling at existing higher levels influenced by a weakening trend in overseas markets.
Selling in gold emerged as metal prices declined to $1,075 an ounce in the international market, which normally set the price trend here on the domestic front.
With fall in demand at existing higher levels and a brief break of 10 days in the current marriage season also put pressure on gold prices.
Standard gold and ornaments commenced slightly higher but soon met with heavy selling in tandem with weakening global trend and dropped to Rs 16,700 and Rs 16,500 before recovering to finish at Rs 17,040 and Rs 16,890 per ten gram respectively, still dow n by Rs 70 each from the previous week’s close.
Sovereign, after moving on both ways, on alternate bouts of buying and selling settled around previous level of Rs 14,000 per piece of eight gram.
On the other hand, silver ready commenced on a strong note and in day-to-day buying it rose further to close at Rs 27,900 per kg, showing a sharp rise of Rs 620.
However, silver weekly-based delivery lacked necessary follow up support and declined by Rs 180 to Rs 27,500 per kg.
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