WEEKLY-MARKET-REPORT 8 LST
Bullion: Riding on a firm trend overseas and wedding
Bullion: Riding on a firm trend overseas and wedding season buying by jewellers, gold prices again went past the Rs 31,000-mark by rising Rs 400 per 10 grams at the bullion market during the week.
Silver also reclaimed the Rs 44,000-mark per kg on the back of increased offtake by coin makers and industrial units.
Market remained closed on Monday on account of Vishwakarma Puja. Traders said sentiment remained firm on positive global cues where gold held near a one-month high as the dollar weakened amid uncertainty over the US election result, raising demand for the precious metals as a safe haven. Besides, increased buying by jewellers at the domestic spot markets to meet the ongoing wedding season demand, too supported the upmove in gold prices, they said.
In the global market, the precious metal once again topped the USD 1,300 an ounce mark to close at USD 1,304 an ounce and silver at USD 18.41 an ounce in New York.
Shifting of funds from weakening equity market to rising gold also buoyed sentiment. Meanwhile, gold imports dipped by about 55 per cent to USD 7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity opened lower at Rs 30,650 and Rs 30,500 per ten grams in Special Diwali trading on Sunday to mark beginning of the Samvat year 2073.
Later, it met with brisk buying by jewellers to meet ongoing wedding season demand atdomestic spot market along with a firming global trend and finished higher at Rs 31,150 and Rs 31,000 per ten grams respectively, showing a gain of Rs 400 each.
Sovereign followed suit and edged higher by Rs 100 to Rs 24,600 per piece of eight grams.
In step with gold, silver ready too ended the week higher by Rs 1,050 to Rs 44,050 per kg and weekly-based delivery by Rs 855 to Rs 43,395 per kg.
Silver coins also spurted by Rs 2,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. PTI SUN KPS SBT ABM
Bullion: Riding on a firm trend overseas and wedding season buying by jewellers, gold prices again went past the Rs 31,000-mark by rising Rs 400 per 10 grams at the bullion market during the week.
Silver also reclaimed the Rs 44,000-mark per kg on the back of increased offtake by coin makers and industrial units.
Market remained closed on Monday on account of Vishwakarma Puja. Traders said sentiment remained firm on positive global cues where gold held near a one-month high as the dollar weakened amid uncertainty over the US election result, raising demand for the precious metals as a safe haven. Besides, increased buying by jewellers at the domestic spot markets to meet the ongoing wedding season demand, too supported the upmove in gold prices, they said.
In the global market, the precious metal once again topped the USD 1,300 an ounce mark to close at USD 1,304 an ounce and silver at USD 18.41 an ounce in New York.
Shifting of funds from weakening equity market to rising gold also buoyed sentiment. Meanwhile, gold imports dipped by about 55 per cent to USD 7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity opened lower at Rs 30,650 and Rs 30,500 per ten grams in Special Diwali trading on Sunday to mark beginning of the Samvat year 2073.
Later, it met with brisk buying by jewellers to meet ongoing wedding season demand atdomestic spot market along with a firming global trend and finished higher at Rs 31,150 and Rs 31,000 per ten grams respectively, showing a gain of Rs 400 each.
Sovereign followed suit and edged higher by Rs 100 to Rs 24,600 per piece of eight grams.
In step with gold, silver ready too ended the week higher by Rs 1,050 to Rs 44,050 per kg and weekly-based delivery by Rs 855 to Rs 43,395 per kg.
Silver coins also spurted by Rs 2,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. PTI SUN KPS SBT ABM
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