Gold prices recover on global cues, wedding demand1 min read . Updated: 18 Nov 2018, 03:10 PM IST
Gold recovered by ₹80 to end at ₹32,150; silver ended higher by ₹150 at ₹38,150 per kg
New Delhi: Taking positive leads from the global market and wedding season buying by local jewellers and retailers, gold prices recovered by ₹ 80 during the week in the bullion market.
Silver, too, staged a comeback and ended ₹ 150 higher at ₹ 38,000 per kg.
Bullion traders said sentiment turned upbeat on firm global cues as the dollar fell after US Federal Reserve officials made cautions comments on the outlook for interest rate hikes, providing boost to dollar-pegged commodities, making them attractive to users of other currencies.
Moreover, wedding season buying by local jewellers to meet demand from retailers at domestic spot markets fuelled the uptrend, they added.
Globally, gold ended the week higher at $1,222.10 an ounce as against last week’s level of $1,210.40. Silver, too, advanced to $14.49 an ounce from $14.25 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at ₹ 32,150 and ₹ 32,000, largely in sync with positive global cues and fresh buying support from local jewellers and advanced further to end at ₹ 32,150 and ₹ 32,000 per 10 gram respectively, showing a recovery of ₹ 80 each. Sovereign also recorded a rise of ₹ 100 to settle the week at ₹ 24,800 per piece of 8 gram.
After moving in a tight range on scattered support, Silver ready ended the week higher by ₹ 150 at ₹ 38,150 per kg, while silver weekly-based delivery gained ₹ 143 to ₹ 37,023 per kg.
However, silver coins remained under pressure due to the end of festive season and fell by ₹ 2,000 to ₹ 73,000 for buying and ₹ 74,000 for selling of 100 pieces.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.