Gold prices finished marginally higher after enduring wild roller-coaster ride in a somewhat choppy trading week on the bullion hub...
Gold prices finished marginally higher after enduring wild roller-coaster ride in a somewhat choppy trading week on the bullion hub.
After rallying to a seven-week high initially, the yellow metal turned volatile and succumbed to heavy profit-taking.
The metal moved sideways to spent the rest of the sessions giving up most of its early gains.
However, renewed buying interest from jewellers and retailers to meet busy wedding and festival season demand along with a firming trend in overseas helped the metal to rebound and close a tad higher towards the fag-end.
On the other hand, silver remained under intense selling pressure for the second consecutive week following frantic unwinding from speculative traders.
The industrial metal closed below the Rs 38,000 mark.
In worldwide trade, it has been a dreadful week for gold against the backdrop of FOMC meeting minutes outcome.
Growing expectations for an imminent US interest rate hike by the middle of the year and fluctuations in the greenback as well as sharp rallies in equity markets predominantly weighed heavily on the precious metal.
The shiny-metal managed to stage a comeback after a brief pullback to close above the psychologically important USD 1,200-mark on short-covering and also bargain hunting after another unsuccessful attempt to break the critical resistance band.
Gold for June-contract edged higher to settle at USD 1,204.60 an ounce on the Comex division of the NYMEX against last Friday’s level of USD 1,200.90 an ounce.
While, silver for May delivery declined to end at USD an ounce compared to USD 16.701 an ounce.
On the domestic front, standard gold (99.5 purity) commenced firmly higher at Rs 26,785 per ten grams and swung widely between a high of Rs 26,840 and a low of Rs 26,440 per ten grams before concluding at Rs 26,650 as compared with last weekend’s close of Rs 26,630, showing a modest gain of Rs 20.
Pure gold (99.9 purity) resumed higher at Rs 26,935 and traded between Rs 26,990 and Rs 26,575 before ending at Rs 26,800 as against the previous closing level of Rs 26,780, showing a marginal rise of Rs 20 per 10 grams.
Silver (.999 fineness) opened strongly higher at Rs 38,690 and fluctuated between a high of Rs 38,820 and a low of Rs 37,090 before finishing at Rs 37,430 from last Saturday’s closing level of Rs 38,100, disclosing a sharp loss of Rs 670, or 1.76 per cent per kg.