Bullion: Gold continued its steady downward spiral and remained out of favour with investors for the seventh-straight week at the domestic bullion hub here amid weak international sentiments. Slackened demand from jewellery stockists and retailers against the backdrop of conflicting global cues, predominantly kept gold prices under pressure.
The yellow metal witnessed sustained unwinding from speculative traders and investors during the early part of the session and plummeted sharply to trade near its four-year low on heightened volatility owing to interest rate hike prospects from the Federal Reserve.
However, precious-gold staged a smart rebound towards the fag-end following good buying support from retail consumers at existing levels in view of the upcoming festival season as well as wedding-related demand, limiting the fall to some extend.
Meanwhile, silver settled a tad higher with mild industrial support after overcoming early sell-off. In worldwide trade, the shiny-metal gained further momentum on bargain hunting as well as bout of short-covering by investors, despite a slew of upbeat US economic data amid Fed rate hike fears
