BIZ-WEEKLY-MARKETS-REPORT 8 LST

Bullion: Riding on positive global cues and pick up inBullion: Riding on positive global cues and pick up inbuying by local jewellers, gold prices ...
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Bullion: Riding on positive global cues and pick up inBullion: Riding on positive global cues and pick up inbuying by local jewellers, gold prices bounced back to closeat Rs 30,850 per 10 grams at the bullion market during theweek.

Market sentiments turned upbeat with the governmentrevoking an order the mandated PAN and Aadhaar cards forpurchases above Rs 50,000, spurring retail buying.

The government has removed germs and jewellery dealersfrom the purview of the reporting requirement under theprevention of Money Laundering Act (PMLA).

Silver followed suit and recaptured the Rs 41,000-markbacked by increased offtake by industrial units and coinmakers.

Bullion traders said a firm trend supported by a weakerdollar, with investors waiting for key US inflation data forclues on the outlook for potential hikes in US interest rates,also buoyed sentiment here.

Globally, gold ended the week higher at USD 1,303.30 anounce and silver at USD 17.41 an ounce in New York.

Besides, increased buying by local jewellers to meetongoing festive season demand at domestic spot market toosupported the upmove, they said.

In the national capital, gold of 99.9 and 99.5 per centpurity commenced the week higher higher and day-to-dayincreased buying in view of festive season along with a firmtrend overseas, it ended higher at Rs 30,850 and Rs 30,700 perten grams, respectively, showing a notable rise of Rs 300each.

Sovereign, however, continued to move in a narrow rangein scattered deals throughout the week and settled at previouslevel of Rs 24,700 per piece of eight gram.

Silver ended the week higher by Rs 900 to Rs 41,500 perkg and weekly-based delivery by Rs 800 to Rs 40,400 per kg.

On the other hand, silver coins moved in a narrow rangein scattered deals and pegged at last level of Rs 74,000 forbuying and Rs 75,000 for selling of 100 pieces. PTI SUN KPSADIMKJ.

This is unedited, unformatted feed from the Press Trust of India wire.

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