Gold continues winning-run for fifth straight week

January 13, 2018

Mumbai-India (Jan 13)  Gold prices continued its winning-run for the fifth straight week at the domestic bullion market following sustained investors offtake as well as good stockist buying lifted by firm overseas cues.

Bullion traders said sentiment remained firm on the back of a overseas up-trend and increased buying by jewellers to meet wedding season demand.

On a weekly basis, yellow-metal gained 3.52 per cent or Rs 1,335, while, white-metal too gained 5.98 per cent or Rs 2,230 in five-weeks. Elsewhere, silver too followed suit on increased offtake by industrial units and coin makers.

In worldwide trade, Gold prices marked a fresh four-month high to tally a fifth week of gains in a row, finding support as the dollar extended its earlier decline despite a slightly  higher-than-expected climb in core US inflation.

Gold saw a weekly gain of roughly 1 per cent. It tallied a fifth week of consecutive gains, the longest since April. Month to date the metal has climbed 2.2 per cent.

February gold rose USD 12.40, or 0.9 per cent, to settle at USD 1,334.90 an ounce. Prices finished at the highest for a most-active contract since Sept 11.

In the New York Comex trade, gold for February delivery climbed to USD 1,334.90 an ounce compared to last Friday's close of USD 1,322.20, while, silver for March contract fell to end at USD 17.141 an ounce from USD 17.285.

On the domestic front, standard gold (99.5 purity) resumed higher at Rs 29,465 per 10 grams from last Friday's closing level of Rs 29,425, it rose to Rs 29,715 before settling at Rs 29,830, revealing a gain of Rs 405, or 1.37 per cent.

Pure gold (99.9 purity) also commenced higher at Rs 29,615 per 10 grams compared to preceding weekend level of Rs 29,575, it regained to climbed at Rs 29,865 before closing at Rs 29,980, showing a rise of Rs 405, or 1.37 percent.

Silver ready (.999 fineness) opened negative at Rs 38,655 per kilogram from last Friday's closing level of Rs 38,725, it also moved between Rs 38,885 and Rs 38,475 before finishing at Rs 38,850, registering a gain of Rs 125 per kilo, or 0.32 per cent.   


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