Gold price regains sheen on robust stockists buying
Mumbai-India (July 25) 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 Rs 405 to finish at Rs 24,995 per 10 gm from Friday's closing level of Rs 24,590.
Pure gold (99.9 purity) also shot-up by a similar margin to end at Rs 25,145 per 10 grams against Rs 24,740.
However, the metal showed a massive loss of Rs 775 or 3 per cent for the week.
Mirroring the bullish sentiment, silver also regained some lost ground on higher industrial buying support.
Silver (.999 fineness) rose by Rs 305 to conclude at Rs 34,520 per kg compared to Rs 34,215 yesterday.
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 USD 8.60 to settle at USD 1,085.50 an ounce on the Comex division of the NYMEX late yesterday and silver dropped to USD 14.488 an ounce.