Gold Silver Reports (GSR) — To recapture the Rs 30,000-mark, on persistent buying by local jewellers amid festive buzz, despite bearish overseas.
Traders said increased buying by local jewellers to meet festive season demand at the domestic market mainly kept gold prices higher, but a weak trend overseas capped the rise.
Besides, a depreciating rupee which slumped to a historic low of 71 against the dollar, making imports costlier, aided the uptrend. The yellow-metal gained 3.17 percent or Rs 935, in two-weeks.
Elsewhere, silver prices rebounded and recaptured the Rs 37K-mark gaining sharply on heavy speculative offtake amid industrial buying.
In worldwide trade, Gold ended higher Friday, trimming its weekly loss but it still suffered a fifth consecutive monthly declinethe longest such streak of losses in more than five years.
The metal firmed yesterday, even as the dollar, golds leading influence of late strengthened, and as both markets kept tabs on the latest rhetoric out of Washington on tariffs.
December gold edged up by $1.70, or 0.1 percent, to settle at $1,206.70 an ounce. The modest rise from Thursdays lowest close in a week, helped pare its weekly decline to about 0.5 percent.
The metal saw an August loss of 2.2 percent, which was its fifth monthly slide in a row, the longest for a most-active contract since the five-month slump ended in February 2013.
Rounding out metals action, December silver fell nearly 0.3 percent to $14.557 an ounce. The contract saw a weekly decline of 2.3 percent and a fall of about 7.1 percent for August.
