Gold price gets back its sparkle and sheen

New Delhi-India (Dec 31)  Gold regained its sheen by surging by Rs 175 to a one-month high of Rs 30,400 per 10 grams on the last trading day of 2017 at the bullion market on Saturday, driven by a firm trend overseas and increased buying by local jewellers.

Silver maintained its upward march and added another Rs 280 to reach Rs 39,980 per kg, backed by an increased offtake by industrial units and coin makers.

Marketmen said a firm trend in the global market, where gold rallied to a one-month high of $1,302.50 an ounce, mainly driven by a softer dollar and political uncertainties, and a pick-up in demand from local jewellers supported the upside in prices.

For the year, gold recorded a rise of Rs 2,100, or 7.42 per cent, while silver climbed Rs 580, or 1.47 per cent, at the local market.

The rise comes amid a weak dollar that gave a boost to dollar-pegged commodities, making them more attractive to users of other currencies.

During 2017, gold had hit a high of Rs 31,350 per 10 grams (on September 8) and a low of Rs 28,300 (on January 2).

Globally, it zoomed to end the year at $1,302.50 an ounce, a growth of over 13.17 per cent from last year's close of $1,150.90 an ounce in New York.

Also, silver rose 6.48 per cent to close at $16.91 an ounce against last year's close of $15.88.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 175 each to Rs 30,400 and Rs 30,250 per 10 grams, respectively.

The precious metal had shed Rs 25 in Friday's trade. PTI

The Telegraph

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