Bullion: Both the precious metals, gold and silver displayed lacklustre trading and settled marginally lower during the week in the absence of necessary buying support amid heightened global uncertainty. Yellow-metal mostly moved in a tight range through out the sessions owing the subdued demand from jewellery stockists and retailers even festive season failed to lift the overall sentiment.
Trading activity had slowed somewhat and remained lifeless mainly due to overseas developments against the backdrop of geopolitical turmoil as well as rupee volatility. Industrial metal, silver plummeted to two-month low following heavy speculative unwinding coupled with subdued industrial demand. The bullion market were closed on Friday, August 15 on account of ‘Independence Day’.
On the global front, the shiny metal fell back on investors’ selling and cautious ahead of key events next week including a gathering of central bank leaders in Jackson Hole, Wyoming, on Thursday. However, renewed geopolitical concerns triggered some appetite for safe havens metal. Gold for December delivery settled lower at USD 1,306.20 an ounce against last weekend level of USD 1,311 on the comex division of the NYMEX. While, silver for September contract eased to USD 19.53 an ounce compared to USD 19.94 previously.