Gold which largely moved in a narrow range in the absence of follow-up buying at existing levels turned negative and then flat.
Gold which largely moved in a narrow range in the absence of follow-up buying at existing levels turned negative and then flat.
Bullion
: Gold finished slightly lower in a rangebound trade at the domestic bullion market here as buyers turned cautious after the recent rally amid subdued demand from stockists and retailers at higher levels.
After a strong start to trade, gold which largely moved in a narrow range in the absence of follow-up buying at existing levels turned negative and then flat.
However, silver rebounded to reclaim the key Rs 48,000 mark on heavy speculative offtake coupled with rising industrial demand and finally end stable towards the fag end.
On the global front, Gold futures notched a hefty loss tumbling the most in about 2 1/2 months following a stronger- than-expected nonfarm-payrolls report that might provide the Federal Reserve evidence to lift benchmark interest rates sooner than later.
Higher rates can boost the value of the dollar and undercut the appeal of commodities priced in the currency, making them more expensive for buyers using other monetary units.
A rate hike also diminishes the appeal of owning metals. Yesterday's sharp fall turned a modest weekly gain for gold into a roughly 1 per cent weekly decline, meanwhile, silver too booked a 2.6 per cent weekly loss.
