Gold, silver shine in Diwali trade on jewellers buying
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Both gold and silver traded lower in Mumbai on fresh selling by stockists. Gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,030 and Rs 29,880 per ten grams, respectively, while silver lost Rs 400 to Rs 45,250 per kg.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Silver followed suit and eased by Rs 225 to Rs 42,775 per kg on reduced offtake by industrial units and coin makers.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Dhanteras is considered auspicious for investment and buying gold.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
"Demand for gold is virtually zero," said Suresh Hundia, president of the Bombay Bullion Association. "People are taking profits and selling their gold back to jewellers for 2.5-3 per cent less than international market prices."
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
Traders said apart from fresh buying by jewellers and retailers, firm global trend amid signs of increased demand in China and India, the world's two largest consumers, influenced gold prices.
Silver ready declined Rs 160 to Rs 37,240 per kg.
Gold recovered 0.5 per cent or $2.90 in the end of last week but the chances of further weakening of dollar has cast a shadow on its future price.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Globally, gold fell 0.14 per cent to $1,250.10 an ounce.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Gold on June 6 hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by stockists triggered by a firming global trend. Silver followed suit, and shot up by Rs 1,200 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.
Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.
Silver also dropped by Rs 900 to Rs 42,500 per kg on poor offtake by industrial units and coin makers.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Silver also gained Rs 300 to Rs 41,300 per kg.
Gold prices rose further by Rs 10 to Rs 27,500 per ten grams in the national capital today on the back of pick-up in buying by jewellers to meet wedding season demand.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively.
Gold in New York, which normally sets price trend on the domestic front, rose marginally by 0.02 per cent to $1,255.80 an ounce and silver by 0.18 per cent to $19.06 an ounce in Tuesday's trade.
Traders said some buying for the marriage season mainly helped gold prices to recover.
Gold in New York, which normally sets price trend on the domestic front, rose by 0.90 per cent to $1,326.90 an ounce and silver by 0.43 per cent to $20.96 an ounce on Monday night.
Weak stock markets, lingering worries over US recession and their aftermaths over other emerging markets, weak dollar and concerns over credit markets compelled stockists and even retail investors to invest in these anti-inflatary metals to play safe in the current uncertain conditions, traders said.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
While gold prices declined by Rs 340 to Rs 30,200 per ten gram, silver dropped by Rs 540 to Rs 48,455 per kg on reduced offtake by jewellers and coin makers.
On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per 10 grams, respectively. It had lost Rs 330 in last two trades.
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