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| Gold Price In India |
Retail customers resorted to active gold buying to mark the day of Akshaya Triitya, considered to be an auspicious occasion in Hindu mythology to make token purchases.
Traders said the demand among retailers for the festival had hardly any impact of the sliding precious metals prices despite the ongoing weakening trend in domestic as well as overseas markets.
"The weakening trend has hardly impacted retailers activity as they are dedicatedly making token buying in gold on every fall in the market," said Suresh Verma, a Delhi-based jeweller.
"At least the buying has capped any major fall in gold prices, while silver remained unattended, losing substantial ground," he said.
Trading sentiments remained weak in silver as its prices recorded a steepest weekly fall since 1975 in global markets after impositions of higher margins. Gold also had its biggest weekly drop since February 27, 2009.
Silver in global markets, which normally sets a price trend on the domestic front, fell 12.01 per cent to USD 34.66 an ounce, taking losses to 28 per cent this week and gold by USD 43.40 to USD 1,473.10 an ounce in New York.
The Standard and Poor's GSCI index of 24 commodities sank 6.5 per cent on concern that slower global growth may crimp demand and investors sold to book-profits and shift their funds to surging equity markets.
On the domestic front, silver ready nose-dived by Rs 6,000 to Rs 53,200 per kg and weekly-based delivery by Rs 5,900 to Rs 53,100 per kg. Silver coins lost Rs 4,000 to Rs 59,500 for buying and Rs 60,500 for selling of 100 pieces.
In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity plunged by Rs 225 each to Rs 22,120 and Rs 22,000 per 10 grams, respectively.
However, sovereigns, found scattered buying support from retailers and gained Rs 100 to Rs 18,300 per piece of eight grams.
Oil prices also fell 5 percent on Friday, after a 10 percent crash on Thursday, as fears about global economic recovery pushed investors to further unwind commodities positions.
Brent crude shed just over $5, recovering to trade at $107.16, $3.64 down, at 0848 GMT
Brent settled more than $10 lower on Thursday at $110.80 a barrel, the second biggest drop on record. At one point it gave up $12, its biggest fall ever.
US crude futures were $3.62 lower at $96.20 a barrel, up from as low as $95.25 a barrel earlier in the session.
The fall on Thursday was part a global dive over all commodities, driven by factors including a stronger dollar and weak economic data from Europe and the United States.
Goldman Sachs said it saw a further downside risk for oil prices in coming days but added the prices could return to or surpass recent highs by next year as supplies may reach critically tight levels.
"It is important to emphasize that even as oil prices are pulling back from their recent highs, we expect them to return to or surpass the recent highs by next year," Goldman Sachs' analysts said in a research note.
