Mumbai: Riding high on positive global cues and increased buying by local jewellers, gold prices regained its sheen at the bullion market during the week.
Silver also surged by Rs 300 per kg on increased offtake by industrial units.
Bullion traders attributed the rally in gold to a firm trend overseas as the dollar weakened after the US President Donald Trump said he would push ahead with punitive tariffs on steel and aluminium imports, rekindling fears of a potential trade war.
Besides, pick-up in buying by local jewellers at the domestic market, fuelled the uptrend, they added.
In worldwide trade, Gold prices ended higher, erasing their loss for the week, as monthly data revealed a strong rise in US jobs, but disappointing growth in wages. The US dollar weakened in the wake of the employment data.
Gold and the greenback often move inversely as a weaker dollar can raise the appeal for investors using other currencies to buy the precious metal.
April gold rose USD 2.30, or 0.2 per cent, to settle at USD 1,324 an ounce—up roughly 60 cents, or 0.05 per cent, for the week, leaving its year-to-date gain at roughly 0.8 per cent.
Among other metals, May silver tacked on 0.7 per cent to USD 16.608 an ounce, clinging to a 0.9 per cent weekly gain.
In the New York Comex trade, gold for April delivery climbed to USD 1,324.00 an ounce compared to last Friday’s close of USD 1,323.40 and silver for May contract rose to end at USD 16.608 an ounce from USD 16.40.
On the domestic front, standard gold (99.5 purity) resumed higher at Rs 30,510 per 10 grams from last Friday’s closing level of Rs 30,230, it rose to Rs 30,610 before settling at Rs 30,395, revealing a rise of Rs 165, or 0.55 per cent.
Pure gold (99.9 purity) also commenced higher at Rs 30,660 per 10 grams compared to preceding weekend level of Rs 30,380, and surged to Rs 30,760 before closing at Rs 30,545, showing a rise of Rs 165, or 0.54 per cent.
Silver ready (.999 fineness) opened positive at Rs 38,575 per kilo gram from last Friday’s closing level of Rs 38,085, and rose further to Rs 38,805 before finishing at Rs 38,385, registering a rise of Rs 300 per kilo, or 0.79 per cent.
This post was last modified on March 11, 2018, 9:51 am