Gold glitters on positive global cues, festive demand

Bullion: Gold regained its sheen to end higher by Rs 650 to Rs 30,900 per 10 grams at the bullion market during the week due to positive global cues and increased buying by local jewelers.

Silver also strengthened due to increased offtake by industrial units and coin makers.

Traders said sentiment was bolstered after gold prices rose in global markets as the dollar came under pressure, raising demand for the precious metals as a safe haven.

Globally, gold ended the week higher at USD 1,205.30 an ounce and silver at USD 14.77 an ounce in New York.

Besides, increased buying by local jewelers, driven by the ongoing festive season, supported the uptrend, they said.

In the national capital, gold of 99.9 and 99.5 percent purity commenced the week higher and advanced to end the week at Rs 30,900 and Rs 30,750 per 10 grams, showing a hefty rise of Rs 650 each.

Sovereign also ended higher by Rs 100 to Rs 24,500 per piece of 8 grams.

Silver ready ended the week higher by Rs 250 to Rs 38,250 per kg, while weekly-based delivery gained Rs 60 to Rs 37,000 per kg.

Silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)