Zee Media Bureau
Gold prices staged a comeback to end higher at domestic bullion markets during the week on increased buying by jewellers and retailers, supported by ongoing festive season amidst a firm global trend.
Traders said increased buying by jewellers and retailers to meet festive season demand and a firming global trend mainly led to the rise in precious metal prices.
International
On the global front, the shiny-metal showcased a remarkable recovery and closed above the psychologically significant USD 1,200 an ounce mark on easing fears of an imminent rate hike amid growing worry over Europe and other overseas economies.
Gold for December delivery shot up to finish at USD 1,221.70 an ounce on the Comex division of the NYMEX against last weekend's level of USD 1,192.90 and silver rallied to USD 17.30 against USD 16.82 an ounce previously.
Delhi
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week higher at Rs 27,070 and Rs 26,870 on the back of festive season demand and improved further to close at Rs 27,400 and Rs 27,200 per ten gram respectively, showing a notable rise of Rs 370 each.
Sovereign, followed suit and gained Rs 100 to Rs 24,200 per piece of eight gram.
Silver ready after moving between gains and losses on alternate bouts of buying and selling and finally settled higher by Rs 600 to Rs 38,800 per kg.
Similarly, silver weekly based delivery ended higher by Rs 365 to Rs 38,250 per kg.
Silver coins also spurted by Rs 2,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces on upsurge in festive season demand.
Mumbai
Standard gold (99.5 purity) resumed better at Rs 26,610 and firmed up further to Rs 26,960 before concluding at Rs 26,935 compared to preceding weekend's close of Rs 26,560, showing a rise of Rs 375, or 1.41 percent per 10 grams.
Pure gold (99.9 purity) also commenced modestly higher at Rs 26,760 from last close of Rs 26,710 and strengthened further to Rs 27,110 before ending at Rs 27,085, revealing a gain of Rs 375, or 1.40 per cent per 10 grams.
Silver (.999 fineness) opened sharply higher at Rs 39,605 and hovered between Rs 39,615 and Rs 39,070 before ending at Rs 39,360 against last Saturday's close of Rs 39,125 exhibiting a modest rise of Rs 235 per kg.
With agency inputs
