Gold regains sheen on robust stockists buying
Standard gold rose by Rs405 on Saturday after falling by Rs445 on Friday
Mumbai: Defying weak global cues, gold prices staged a remarkable turnaround at the bullion hub here on the back of frantic buying interest from jewellery stockists and investors.
The recent steep slide in the yellow metal predominantly transformed to buying spree from speculators and local traders even as overseas sentiment remained extreme nervous.
The metal witnessed a near-term rout across the commodity markets worldwide jolted by the developments in Greece along with Iranian nuclear negotiations amid fears over an imminent US Fed rate hike.
Standard gold (99.5 purity) jumped by ₹ 405 on Saturday to finish at ₹ 24,995 per 10gm from Friday’s closing level of ₹ 24,590. It plummeted by a whopping ₹ 445 on Friday to finish at ₹ 24,590 per 10gm—its lowest level since 2011.
Pure gold (99.9 purity) also shot-up by a similar margin to end at ₹ 25,145 per 10gm compared with Friday’s close of ₹ 24,740.
The metal, however, showed a massive loss of ₹ 775, or 3%, for the week.
Mirroring the bullish sentiment, silver also regained some lost ground on higher industrial buying support. Silver (.999 fineness) rose by ₹ 305 to close at ₹ 34,520 per kg compared with ₹ 34,215 on Friday.
Globally, the shiny-metal continued to drift on heavy funds unwinding amid investors caution ahead of two-day Fed policy meet next week. Gold August delivery fell by $8.60 to settle at $1,085.50 an ounce on the Comex division of the NYMEX late on Friday and silver dropped to $14.488 an ounce. PTI
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