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Gold regains sheen on global cues



Riding on a firm trend overseas and increased buying by local jewellers, gold regained its sheen to reclaim the Rs 32,000-mark to end at Rs 32,370 per ten grams at the bullion market during the week.

Silver, however, after moving between gains and losses, finally ended the week steady at Rs 41,200 per kg.

Traders said apart from a firm trend overseas, increased buying by local jewellers to meet the rising wedding season demand at domestic spot market led to the rise in gold prices.

Globally, gold ended the week higher at USD 1,301.20 an ounce and silver at USD 16.47 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week lower at Rs 31,875 and Rs 31,725 per ten grams, respectively, on lack of buying support.

Thereafter, it met with brisk buying activity in tandem with a firm trend overseas and reclaimed the Rs 32,000-mark to touch a high of Rs 32,475 and Rs 32,325 before ending at Rs 32,370 and Rs 32,220 per ten grams, respectively, showing a rise of Rs 420 each.

Sovereign gold, however, moved in a narrow range throughout the period and ended flat at Rs 24,800 per piece of eight gram.

In volatile movement on alternate bouts of buying or selling, silver ready ended the week flat at Rs 41,200 per kg, while weekly-based delivery closed higher by Rs 70 to Rs 40,265 per kg.

Silver coins too spurted by Rs 1,000 at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Courtesy: PTI/ Image: wallpaperstudio10.com

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