Zee Media Bureau
Gold prices bounced back at domestic bullion markets during the week on emergence of buying by jewellers and retailers to meet ongoing wedding season demand amidst volatile trend in global markets.
On the global front, the shiny metal staged a smart recovery amidst sharp volatility and strong dollar value on the back of safe-haven buying.
However, the precious metal failed to close above the key significant USD 1,200-mark following fresh selling by investors and funds on Fed rate hike fears after US payrolls data beats forecasts.
Gold for February contract jumped to settle at USD 1,190.40 an ounce on the Comex division of the NYMEX against last weekend's level of USD 1,175.20 and silver also firmed up to USD 16.26 an ounce from USD 15.49 previously.
At Mumbai bullion market, standard gold (99.5 purity) resumed weak at Rs 25,580, but later recouped smartly to touch a high of Rs 26,540 before concluding at Rs 26,250 against last weekend's close of Rs 26,000, showing a rise of Rs 250 per 10 grams.
Pure gold (99.9 purity) also commenced lower at Rs 25,730 and rebounded later to a high of Rs 26,690 before finishing at Rs 26,400 from last close of Rs 26,150, posting a gain of Rs 250 per 10 grams.
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week lower at Rs 26,200 and Rs 26,000 per 10 grams, respectively on lack of buying support.
Subsequently, it regained the Rs 27,000-mark by climbing Rs 840, this year's biggest single-day gain to Rs 27,040 and Rs 26,840 per 10 grams, respectively on Tuesday on strong global cues and wedding season demand from jewellers.
Later, however, it met with resistance at existing higher levels and fell back to close at Rs 26,675 and Rs 26,475 per 10 grams, respectively, still showing a gain of Rs 275 each from previous week's levels.
With PTI Inputs
