NEW DELHI (Commoditiescontrol)- In a holiday shortened week, both the precious metals, gold and silver maintained an upward trend for the seventh straight week at Mumbai bullion market, taking positive cues from overseas markets amid wedding season buying by local jewellers as well as retailers.
Bullion traders attributed the rally in gold to a firm trend overseas as the dollar weakened to near three-year lows in the wake of comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, raising demand for the precious metal as a safe haven.
Besides, an uptick in seasonal buying by local jewellers firmed up the prices, they added.
Trading activity remained restricted as market was closed on Friday for the Republic Day.
Silver regained the Rs 39,000-mark on increased offtake by industrial units and coin makers.
The yellow-metal gained 6.65 percent or Rs 1,950, while, white-metal silver too gained 8.33 percent or Rs 3,145 in seven-weeks.
In worldwide trade, Gold fell sharply on Friday, but held on to a weekly gain, on the heels of conflicting comments from the Trump administration on dollar policy. On Friday, February gold lost USD 10.80, to settle at USD 1,352.10 an ounce.
The precious metal still climbed about 1.4 percent for the week to date, to log its sixth such gain in seven weeks. In other metals action, March silver fell 17.4 cents, to USD 17.441 an ounce, for a weekly rise of roughly 2.4 percent.
In New York Comex trade, gold for delivery in February rose to finish at USD 1,352.10 an ounce as compared to last weekend's close of USD 1,333.10 and silver for March also climbed to settle at USD 17.441 an ounce from USD 17.036.
At Mumbai bullion market, standard gold (99.5 purity) resumed lower at Rs 30,015 per 10 grams from last Friday's closing level of Rs 30,025, it rose further to Rs 30,560 before settling at Rs 30,445, revealing a smart rise of Rs 420, or 1.40 percent.
Pure gold (99.9 purity) also commenced lower at Rs 30,165 per 10 grams compared to preceding weekend's level of Rs 30,175, it later surged to Rs 30,710 before ending at Rs 30,595, showing a gain of Rs 420, or 1.39 percent.
Silver ready (.999 fineness) also commenced negative at Rs 38,780 per kilo from last Friday's closing level of Rs 38,885, later it recovered to a high of Rs 39,925, before ending at Rs 39,765, registering a rise of Rs 880 per kilo, or 2.26 percent.
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week higher and day-to-day increased buying in tandem with a firm trend overseas reclaimed the Rs 31,000-mark to touch a high of Rs 31,450 and Rs 31,300 before ending at Rs 31,200 and Rs 31,050 per ten grams respectively, showing a rise of Rs 350 each.
Sovereign, however, moved in a narrow range throughout the period and ended flat at Rs 24,800 per piece of eight gram.
In volatile movements on alternate bouts of buying or selling, silver ready ended the week higher by Rs 750 to Rs 40,650 per kg, while weekly-based delivery closed higher by Rs 1,090 to Rs 39,960 per kg.
Silver coins too spurted by Rs 1,000 at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
At the Multi Commodity Exchange (MCX), gold for delivery in far-month April ended the week at Rs 30,282 per 10 grams from last Friday's closing level of Rs 29,741, revealing a smart rise of Rs 541.
On similar lines, the metal for delivery in February closed the week at Rs 30,357 per 10 grams from last Friday's closing level of Rs 29,755, showing a gain of Rs 602.
(By Commoditiescontrol Bureau; +91-2-40015533)
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