Zee Media Bureau
Gold prices continued their upward momentum at the domestic bullion market during the week on strong festive as well as wedding season demand amid a firming trend overseas.
Analysts attributed the upsurge in precious metals to persistent buying by jewellers and retailers, driven by ongoing festive season demand amid a firming global trend where gold climbed 1.4 percent this week.
Meanwhile, gold imports surged five-fold to USD 3.75 billion in September on account of the ongoing festive season.
The government had hiked import tariff value on gold to USD 401 per 10 grams but kept the tariff unchanged for silver at USD 575 per kg.
International
On the global front, the shiny-metal strengthened further on immense worries over the global economic outlook boosting demand for safe haven assets even as gold-bulls continued to speculate against the backdrop of US rate hike uncertainty.
Gold for December delivery surged to settle at USD 1,239.00 an ounce on the Comex division of the NYMEX against last weekend's level of USD 1,221.70 and silver moved up to USD 17.33 against USD 17.33 an ounce previously.
Delhi
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week on higher note at Rs 27,600 and Rs 27,400 per ten grams and day-to-day festive season buying by jewellers and retailers pushed it further to hit over one-month high of Rs 27,860 and Rs 27,660 before ending at Rs 27,700 and Rs 27,500 per ten gram, respectively, showing a gain of Rs 300 each.
Sovereign followed suit and gained Rs 100 to Rs 24,300 per piece of eight gram.
In volatile movements on alternate bouts of buying and selling, silver ready ended lower by Rs 175 to Rs 38,625 per kg.
On the other hand, silver weekly-based delivery gained Rs 150 to Rs 38,400 per kg.
Silver coins, after moving both ways on buying and selling, settled flat at Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.
Mumbai
Standard gold (99.5 purity) resumed higher at Rs 27,110 and fluctuated between Rs 27,520 and Rs 26,965 before finishing at Rs 27,240 against preceding weekend's close of Rs 26,935, exhibiting a hefty rise of Rs 305, or 1.13 percent per 10 grams.
Pure gold (99.9 purity) also started firmly higher at Rs 27,260 and hovered between Rs 27,670 and Rs 27,115 before concluding at Rs 27,390, revealing a handsome gain of Rs 305, or 1.13 percent per 10 grams.
Silver (.999 fineness) commenced strong at Rs 39,700 and traded between Rs 39,820 and Rs 39,245 before ending at Rs 39,270 against last Saturday's close of Rs 39,360, showing a modest loss of Rs 90 per kilo.
With agency inputs
