“A key negative catalyst came from China, which reduced its VAT exemption on certain retail gold purchases, likely cooling physical demand sentiment in Asia,” Doshi said.
Silver underperforms as industrial sentiment softens amid global slowdown fears: Silver prices also eased during the week, reflecting a similar consolidation seen in the yellow metal.
On the MCX, the white metal futures for December delivery declined by Rs 559, or 0.38%, in the holiday-shortened week. It had closed at Rs 1,47,728 per kilogram on Friday.
Comex silver futures for December delivery edged lower last week. It had settled at USD 48.14 an ounce on Friday.