Gold prices end high

New Delhi-India (Apr 11)  Gold prices finished marginally higher after enduring wild roller-coaster ride in a somewhat choppy trading week on the bullion hub.

After rallying to a seven-week high initially, the yellow metal turned volatile and succumbed to heavy profit-taking.

The metal moved sideways to spent the rest of the sessions giving up most of its early gains.

However, renewed buying interest from jewellers and retailers to meet busy wedding and festival season demand alongwith a firming trend in overseas helped the metal to rebound and close a tad higher towards the fag-end.

On the other hand, silver remained under intense selling pressure for the second consecutive week following frantic unwinding from speculative traders.

The industrial metal closed below the Rs 38,000 mark.

In worldwide trade, it has been a dreadful week for gold against the backdrop of FOMC meeting minutes outcome.

Growing expectations for an imminent US interest rate hike by the middle of the year and fluctuations in the greenback as well as sharp rallies in equity markets predominantly weighed heavily on the precious metal.

The shiny-metal managed to stage a comeback after a brief pullback to close above the psychologically important $1,200-mark on short-covering and also bargain hunting after another unsuccessful attempt to break the critical resistance band.

Source: TheHindu