Gold price continuing its winning for yet another week

Mumbai-India (Aug 12)  gold reclaimed the Rs 30,000-mark at the bullion market mostly in tandem with a firm trend in global market where it soared to about two-month high on the back of mounting tension between the US and North Korea and persistent buying by local jewellers.

Silver followed suit and regained the Rs 40,000-mark on increased offtake by industrial units and coin makers.

Sentiment turned extremely bullish after the precious metal climbed in global markets as mounting tension between the US and North Korea stoked safe-haven buying, traders said.

Globally, gold ended the week higher at USD 1,288.70 an ounce and silver at USD 17.10 an ounce in New York.

Besides, increased buying by jewellers to meet festive season demand at the domestic markets supported the upside in the precious metal prices.

Investors shifting their funds from falling equity to rising bullion too fuelled the uptrend, they added.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower at Rs 29,350 and Rs 29,200 per ten grams respectively on lack of buying support.

Thereafter, it met with brisk buying activity, driven by a firm trend overseas amid persistent buying by local jewellers

at domestic spot market and rallied to close at Rs 30,050 and Rs 29,900 per ten grams, respectively, showing a significant rise of Rs 630 each.

Sovereign, however, moved in a narrow range in scattered deals and pegged at last level of Rs 24,500 per piece of eight gram.

Following gold, silver ready ended extremely higher by Rs 1,875 to Rs 40,200 per kg and weekly-based delivery finished higher by Rs 1940 to Rs 39,200 per kg.

Silver coins, however, held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Source: DNA