Gold, silver end 2017 on a high; post annual gains

Gold, silver end 2017 on a high; post annual gains
Representational Photo

New Delhi: Gold regained its sheen by surging Rs 175 to a one-month high of Rs 30,400 per 10 grams on the last trading day of 2017 at the bullion market today, driven by a firm trend overseas and increased buying by local jewellers.

Silver maintained its upward march and added another Rs 280 to reach Rs 39,980 per kg backed by increased offtake by industrial units and coin makers.

Marketmen said a firm trend in the global market, where gold rallied to one-month high of USD 1,302.50 an ounce mainly driven by a softer dollar and political uncertainties, and pick up in demand from local jewellers supported the upside in prices.

For the year, gold recorded a rise of Rs 2,100 or 7.42 per cent, while silver climbed Rs 580, or 1.47 per cent at the local market.

The rise comes amid weakness in the US dollar that gave a boost to dollar-pegged commodities, making them more attractive to users of other currencies.

During 2017, gold hit a high of Rs 31,350 per 10 grams (on September 8) and a low of Rs 28,300 (on January 2).

Globally, it zoomed to end the year at USD 1,302.50 an ounce, showing a growth of over 13.17 per cent from last year’s close of USD 1,150.90 an ounce in New York.

Also, silver rose 6.48 per cent to close at USD 16.91 an ounce as against last year’s close of USD 15.88.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity today climbed by Rs 175 each to Rs 30,400 and Rs 30,250 per 10 grams, respectively. The precious metal had shed Rs 25 in yesterday’s trade.

Sovereign, however, remained steady at Rs 24,700 per piece of eight grams in limited deals.

Tracking gold, silver ready added Rs 280 to Rs 39,980 per kg and weekly-based delivery rose by Rs 430 to end the year at Rs 39,220 per kg.

Silver coins held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

PTI