Mumbai: Both the precious metals remained under intense selling pressure and witnessed huge volatility during the week at the bullion market following heavy profit-taking in the midst of steady weakening overseas trend.
Gold suffered its biggest fall in nearly two-months on the back of heavy unwinding from jewellery stockists and savvy traders as well as lack of local buying support at existing levels.
Besides wavering rupee value, investors apathy to hold on to their positions against the backdrop of recent wave of immense global volatility also dampened the overall sentiment.
Elsewhere, silver also plunged sharply and closed below the key significant Rs 38,000 mark due to frantic speculative unwinding and subdued industrial demand.
In worldwide trade, the shiny-metal tanked to three-month low after stronger US non-farm payrolls data and robust macro economic indicators amid soaring dollar reaffirmed market expectations that the Federal Reserve could raise interest rates sooner-than-expected for the first time in nine years.
In the New York comex market, gold for August contract plunged sharply by USD 21.70 to end at USD 1,168.10 an ounce from USD 1,189.80 an ounce and silver for July delivery also dropped to settle at USD 15.984 an ounce against 16.701 an ounce.
Standard gold (99.5 purity) resumed lower at Rs 26,845 against the preceding weekend's level of Rs 26,900 and fluctuated between a high of Rs 26,945 and a low of Rs 26,550 before concluding at Rs 26,580, showing a loss of Rs 320, or 1.19 percent per 10 grams.
Pure gold (99.9 purity) also opened weak at Rs 26,995 as compared to Rs 27,050 and moved between Rs 27,080 and Rs 26,700 before ending at Rs 26,730, revealing a fall of Rs 320, or 1.18 percent per 10 grams.
Silver ready (.999 fineness) opened sluggish at Rs 38,610 and traded between Rs 38,945 and Rs 37,590 before finishing at Rs 37,600 from last Saturday's closing level of Rs 38,765, registering a massive fall of Rs 1,165, or 3 percent, per kilo.
