Bullion: Gold continued its losing streak for the second-straight week

Bullion: Gold continued its losing streak for the second-straight weekly fall at the domestic bullion market on the back of subdued demand from jewellers as well as persistent selling by stockists.

Lack of local buying support at existing levels and unwinding of long positions by speculative traders also added downward pressure on gold.

Elsewhere, silver after its seven-week uninterrupted gaining rally, witnessed sustained selling by stockists and investors coupled with lack of demand from industrial users, largely driven by global trend and it closed below the psychologically significant Rs 47,000 mark.

In worldwide trade, gold futures settled lower, posting losses for a second week in a row, with strength in the US dollar and stock market in the wake of the latest earnings results, dulling some of the metal's investment appeal.

Bullion has benefited significantly - hitting its highest in two years earlier this month - as central banks from Europe to Japan opt to keep policy looser for longer, because that neutralises the opportunity cost of holding an asset with no interest rate.

But the dollar has gained ground recently on strong readings on the US labour market and inflation, which have boosted bets that Fed will raise US interest rates by year- end.