Bullion: Gold and silver remained under selling pressure for the second straight week on the back of subdued demand from jewellery stockists as well as lacklustre investment offtake in the midst of global volatility.
The yellow-metal mostly traded in a tight range and witnessed good amount of profit-taking by speculative traders amid lack of local buying support at existing levels. Tepid investor demand against the backdrop of stronger rupee and increased volatility in overseas markets further dampened the domestic sentiment, dragging the metal prices below the important Rs 28,000 per 10 gram mark. Silver plummeted to one-month low and closed below the Rs 45,000 per kilo mark following frantic speculative unwinding coupled with reduced industrial offtake. On the global front, the shiny metal rebounded from a mid-week sell-off and concluded marginally lower on bargain hunting as well as short covering.
Upbeat US macro data and record breaking rally in equities sent the precious metal sliding below USD 1,300 an ounce mark to hit a five-week low. Gold for August delivery settled lower at USD 1,303.30 an ounce against last weekend's level of USD 1,309.40 on the comex division of NYMEX. Silver for September contract softened to USD 20.641 an ounce as compared to USD 20.89 previously.