- Gold and silver also had impact in the bullion market due to large fall in international markets
- Gold spot in the international market fell by $ 147.85 to $ 1,529.05 an ounce
In the bullion market, gold also fell by 8% in the previous week amid heavy fall in gold and silver prices in global markets. During this period, gold prices fell to a low of 41.570 rupees per ten grams. Gold became cheaper by Rs 3,740 or 8.24 per cent during the whole week and sold by Rs 41,670 per ten grams on weekends. This is its lowest level since 06 February. Silver also saw a steep weekly fall of Rs 5,890 or 12.18 per cent. Silver prices came down to Rs 42,460 per kg. This is the lowest level since 03 August 2019.
The biggest weekly decline in foreign markets for seven years
In the overseas markets, the price of gold and silver fell the biggest weekly in over seven years. According to information from London and New York, gold spot fell by $ 147.85, or 8.82 percent, to $ 1,529.05 an ounce in the international market during the week under review. US gold futures for April also declined by $ 144.10 to $ 1,528.90 an ounce on the weekend. Silver spot in the international market fell by $ 1.61, or 10.94 per cent, to close at $ 14.72 an ounce on the last trading day of the week.
Silver left at Rs 42,460 per kg
During the week under review in the local market, the gold standard fell by Rs 3,740 to Rs 41,670 per ten grams. Gold Biscuit also broke down to Rs 41,500 per ten grams. Gold Coins, with eight grams, fell by Rs 200 to Rs 31,300 on Saturday. Silver spot fell by Rs 5,890 to Rs 42,460 per kg. During this period, silver futures also fell by Rs 6,482 to Rs 40,487 per kg on weekends. Coin buying and selling were at Rs 900 and Rs 910 per unit, respectively, with a softening of Rs 60 each.