Gold price maintains rising trend on jewellers' buying

April 22, 2018

Mumbai-India (Apr 22)  Gold extended gains for the third straight week to close at Rs 32,450 per 10 grams at the bullion market on increased buying by local jewellers amid volatile global cues. Silver followed suit and recaptured the Rs 41,000-mark on increased offtake by industrial units and coin makers.

Marketmen said increased buying by local jewellers on the auspicious occasion of 'Akshya Tritiya' on Wednesday and beginning of wedding season, kept the precious metal prices higher.

Besides, the rupee hitting a 13-month low to crack 66-mark against the dollar, making imports costlier, too supported the upside in gold prices, they added.

Globally, gold after crossing the USD 1,353 an ounce, finally ended the week shade lower at USD 1,335.20 an ounce in volatile trade in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower at Rs 32,000 and Rs 31,850 per ten grams respectively due to lack of buying support.

Later, it met with brisk buying activity largely in sync with a firm trend overseas and weakness in the rupee and bounced back to hit a high of Rs 32,630 and Rs 32,480 before ending at Rs 32,450 and Rs 32,300 per 10 grams respectively, showing a significant rise of Rs 350 each.

Sovereign, however, moved in a narrow range in scattered deals throughout the week and settled at previous level of Rs 24,900 per piece of eight gram.

Silver ready also recorded a hefty rise of Rs 1,500 to Rs 41,500 per kg and weekly-based delivery closed higher by Rs 1,555 to Rs 40,480 per kg. Silver coins too spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.


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