Zee Media Bureau/Ajeet Kumar
Extending its overnight gains, gold ended the week above Rs 26,600 per ten grams level in futures trade Friday as market participants enlarged their positions in tandem with a firming trend overseas.
In addition, depreciating rupee in the forex market, which makes imports costlier, also supported the prices.
Logging its biggest single-day fall in over four months, the rupee on Friday depreciated 52 paise to end at 59.77 against US dollar.
At the Multi Commodity Exchange (MCX), gold for delivery in August gained further by Rs 297 to settle at Rs 26,627 per ten grams.
Shiv Shrivastava, MD & CEO, IGuru Research opined gold prices may face an upward push and see a range of Rs 25,750- Rs 26,500 per ten grams in the coming week.
Gold in overseas markets, which normally set price trend on the domestic front, last quoted up 0.2 percent at USD 1,275.39 an ounce.
US gold futures for August delivery ended at USD 1,274.10 an ounce, up 10 cents after moving in range of USD 1,277.60 to USD 1,270.90 per ounce. For the week, August delivery climbed 1.7 percent.
Meanwhile, gold regained its sheen with prices rising by Rs 360 to Rs 27,600 per ten grams at Delhi bullion market after it surged to two-week high in global markets amid increased demand from stockists.
Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.
Delhi
Gold of 99.9 and 99.5 percent purity went up by Rs 360 each to Rs 27,600 and Rs 27,400 per ten grams, respectively, while sovereign gained Rs 100 to Rs 24,500 per piece of eight grams.
In line with a general firm trend, silver ready spurted by Rs 900 to Rs 42,100 per kg and weekly-based delivery by Rs 770 to Rs 41,370 per kg.
Silver coins also flared up by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
International markets
Gold in overseas markets, which normally set price trend on the domestic front, last quoted up 0.2 percent at USD 1,275.39 an ounce.
US gold futures for August delivery ended at USD 1,274.10 an ounce, up 10 cents after moving in range of USD 1,277.60 to USD 1,270.90 per ounce. For the week, August delivery climbed 1.7 percent.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
Mumbai
GOLD: Rs 27,355 / SILVER: Rs 42,000
Delhi
GOLD: Rs 27,600 / SILVER: Rs 42,100
Chennai
GOLD: Rs 27,610/ SILVER: Rs 42,090
Kolkata
GOLD: Rs 27,605/ SILVER: Rs 41,800
Bangalore
GOLD: Rs 27,606/ SILVER: Rs 42,400
Hyderabad
GOLD: Rs 27,450 / SILVER: Rs 42,100
