Gold prices failed to maintain its shine on the bullion market during the week on renewed offerings from stockists on the back of fall in overseas markets. Silver also dropped further on poor industrial demand coupled with negative global advi ces.
Gold prices headed for the biggest weekly loss in two months in London as equity markets rose around the world and crude oil prices declined, reducing demand for the metal as a haven and a hedge against inflation.
Yellow metal declined to a one-month low in New York on speculation that investors will sell the precious metal to cover losses in other markets. Gold futures for December delivery dropped to $787.70 an ounce on Friday on the comex division of the New Yo rk Mercantile Exchange.
The price slid 8.3 per cent from last week, the biggest such decline for a most-active contract since August 15. Silver futures for December delivery also declined to $9.335 an ounce.
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