Weekly market report: Gold and silver stage a strong comeback

By: |
November 15, 2014 5:56 PM

After remaining under pressure at the outset of week, both the precious metals...

Gold and silver staged a strong comeback to close higher at the bullion market. (Reuters)Gold and silver staged a strong comeback to close higher at the bullion market. (Reuters)

After remaining under pressure at the outset of week, both the precious metals, gold and silver staged a strong comeback to close higher at the bullion market, after the precious metals rebounded in global market amidst pick up in buying by jewellers and retailers driven by ongoing wedding season.

Depreciating rupee against the dollar, which makes imports of precious metal costlier, also influenced the sentiment. The rupee had closed at nearly one-month low of 61.72 against the greenback.

Traders said besides revival of buying by jewellers and retailers to meet ongoing wedding season demand, a fag-end rebound in global markets where gold climbed to USD 1,193.34 an ounce, the highest since October 31 and silver surged to USD 16.31 an ounce, the highest since February 14, attributed recovery in gold and silver prices.

In the national capital, gold of 99.9 and 99.5 per cent purity started the week lower at Rs 26,395 and Rs 26,195 and fell further to Rs 26,050 and Rs 25,850 per ten gram on slackened demand.

However, at the fag-end rebound in global markets after sudden weakening dollar raised appeal of the precious metals coupled with wedding season demand at domestic spot markets, recovered to close at Rs 26,850 and Rs 26,650 per ten gram respectively, showing a notable rise of Rs 400 each.

Sovereign, moved up by Rs 100 to Rs 23,800 per piece of eight gram.

In volatile movements on alternate bouts of buying and selling, silver ready ended higher by Rs 1,150 to Rs 36,700 per kg, after touching a low of Rs 34,600 per kg.

Similarly, silver weekly-based delivery closed sharply higher by Rs 1,235 to Rs 36,030 per kg, after touching a low of Rs 33,999 per kg.
Silver coins spurted by Rs 2,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

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