Gold price: Weekly report

Aug 09 2014, 15:51 IST
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SummaryGold prices climbed to reclaim the Rs 29,000 per 10 gram level for the first time since May

Gold prices climbed to reclaim the Rs 29,000 per 10 gram level for the first time since May at the bullion market during the week on increased buying by jewellers and retailers to meet the rising festive demand amid upsurge in global markets.

In addition, depreciating rupee that slumped to five-month low, making imports costlier also attributed the rise in gold prices.

Silver, however, eased on reduced offtake by industrial units and coin makers.

Traders said besides increased buying by jewellers and retailers to meet festive season demand amid a firming global trend where gold advanced to a three-week high as unrest in the Middle East spurred demand for a haven, mainly buoyed the sentiment here.

Globally gold touched USD 1,324.30 an ounce, the highest since July 18 in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced higher at Rs 28,525 and Rs 28,325 and rose further on day-to-day buying by jewellers and retailers to Rs 29,100 and Rs 28,900 per ten gram respectively, a level last seen on May 21.

However, at the fag-end it met with stockists selling against fall in demand and tumbled to close at Rs 28,760 and Rs 28,560 per 10 grams, respectively, still showing a notable rise gains of Rs 360 each.

Sovereigns followed suit and finished higher by Rs 300 to Rs 25,000 per piece of eight grams.

In volatile movements on alternate bouts of buying and selling, silver ready ended lower by Rs 850 Rs 44,050 per kg and weekly-based delivery by Rs 845 to Rs 43,580 per kg.

On the other hand, silver coins moved in a tight range in scattered deals and pegged around previous levels of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

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