Gold gains moderately during the week

PTI New Delhi | Updated on June 18, 2011 Published on June 18, 2011

A divergent trend was witnessed in precious metals as gold gained modestly, while silver ended up with losses at the bullion market during the week under review.

The gold, after a two week losing streak managed to sparkle again helped by fag-end buying from investors and stockists amid good offtake from jewellery makers. Global factors too were supportive for the yellow metal.

The industrial metal, silver bore the brunt, showing heavy speculative action with traders occasionally profiteering on global movements. Firm industrial demand as well as late buying helped the metal to cut-short its mid-week losses, though it ended lower.

In international market, dollar volatility held gold’s momentum in a range due to concerns over global economic slowdown as well as European turmoil amid doubts over US recovery.

Silver witnessed heavy sell-off losing more than four per cent on fears of economic slow down, but bargain hunting remained supportive for the metal.

In New York, gold for August delivery rose to $1,539.10 an ounce as compared to last weekend’s level of $ 1,529.20. However, silver for July delivery slipped to $35.75 an ounce as against previous weekend’s close of $36.33.

Turning to domestic market, standard gold (99.5 purity) resumed slightly lower at Rs 22,340 and declined further to a low of Rs 22,115, but later recovered to close at Rs 22,440 over its preceding weekend’s level of 22,355, registering a gain of Rs 85 per 10 grams.

Pure gold (99.9 purity) also opened weak at Rs 22,445, and drifted to Rs 22,215, but later regained to end at Rs 22,550 from last Saturday’s closing level of Rs 22,460, disclosing a rise of Rs 90 per 10 grams.

However, silver ready (.999 fineness) resumed sharply lower at Rs 54,485 and dropped further to Rs 53,035 before finishing at Rs 54,520 from last weekend’s level of Rs 55,010, showing a loss of Rs 490 per kg

Published on June 18, 2011

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