Login ID:
Partner Login
Contact Us : 7066511911

Domestic Gold Extends Winning Streak For Another Week On Positive Global Cues

12 Jan 2019 3:58 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI (Commoditiescontrol) - Domestic gold prices extended their winning streak for another week ended Jan 12, tracking a firm trend overseas. Silver, too, scored gains on increased offtake by industrial units and coin makers.

Besides, the rupee weakening to 70.49 against dollar, demand as a safe-haven to mitigate the risk and support from local jewellers aided the gain in the prices of the yellow metal that hit the week's high of Rs 33,070 per 10 gram.

Globally, gold, which is used as a safe-haven investment during times of economic, political and financial uncertainty, remained up for the fourth consecumtive week, mainly supported by a weaker dollar, which slipped to about 3-month lows on Thursday against the backdrop of dovish views from the Fed and a de-escalation in the US-China trade dispute.

Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding non-yielding bullion.

Bullion traders said apart from a firm trend overseas as the weakness in the dollar raised demand for the precious metals as a safe haven, increased buying by local jewellers to meet the wedding season demand at the domestic spot market, mainly buoyed sentiment.

In the national capital, gold of 99.9 and 99.5 percent purities commenced the week higher and day-to-day increased buying in tandem with a firm trend overseas and persistent buying by jewellers to meet rising demand in view of wedding season, reclaimed the Rs 33,000-mark to touch a high of Rs 33,070 and Rs 32,920 before ending at Rs 32,875 and Rs 32,725 per 10 gram, respectively, showing a significant rise of Rs 375 each.

Sovereign gold followed suit and gained Rs 100 to end at Rs 25,300 per piece of eight gram.

In volatile movements on alternate bouts of buying or selling, silver ready ended the week higher by Rs 250 to Rs 39,850 per kg. It moved between Rs 40,100 and Rs 39,800 per kg.

Silver weekly-based delivery also closed higher by Rs 298 to Rs 39,471 per kg after shuttling between Rs 39,766 and Rs 39,056 per kg.

Silver coins, too, spurted by Rs 1,000 at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

(By Commoditiescontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Gold (COMEX) Tightening Up with Overhead Resistance (...
Silver (COMEX) Coiling for a Breakout above Resistanc...
Silver (COMEX) Tailing for a Bullish Breakout above R...
Gold (COMEX) Tightening Up with Overhead Resistance (...
Silver (COMEX) Buying Exhaustion at $15.00 / Monitor ...
Top 5 News
Malaysia's June 1-20 Palm Oil Exports Fall 12.65% MoM: ...
Argentina, Brazil And US Soy Meal FOB Rates On June 19
Argentina And Brazil Soy Oil FOB Rates of Seller And Bu...
CBOT Soybean Down On Profit Booking.
ICE Cotton Ends Up On US-China Trade Deal Hopes; US Wee...
Top 5 Special Reports
Stock Position Of Veg Oil (Edible Grade ) On 17.06.2019...
Weekly: Red Chilli Prices Likely To Decline Slightly Fr...
Weekly: Weakness May Continue In Rupee On Widening Trad...
Weekly: Overall Bullish Overtone In Gold Is Intact
Weekly: Spot Coriander Unlikely To Drop Below Rs 6,600-...
Copyright © CC Commodity Info Services LLP. All rights reserved.