Bullion: Gold regained its sheen at the bullion market Bullion: Gold regained its sheen at the bullion marketduring the week, taking positive leads from global markets andincreased buying by local jewellers and retailers amidforthcoming festival seasons.
The yellow metal also perked-up as government revokedan order that mandated PAN and Aadhaar cards for purchasesabove Rs 50,000.
The government has removed gems and jewellery dealersfrom the purview of the reporting requirement under thePrevention of Money Laundering Act (PMLA).
Investor sentiment has improved since the governmentwithdrew the PMLA notification, bullion traders said.
Jewellers are increasing purchases expecting healthyretail demand during Diwali and Dhanteras next week, a holidayperiod when buying gold is considered auspicious.
Silver too topped the Rs 39,000-level on increasedofftake by industrial units and coin makers.
The white-metal rose 2.59 per cent in its first weeklygain, or Rs 1,005 per kg.
In worldwide trade, Gold futures pushed above the keyUSD 1,300 level, tacking on more than 2 per cent for the week,after a reading on US inflation came in cooler than expected,raising uncertainty about the pace of US interest-rate hikesby the Federal Reserve.
December gold climbed by USD 8.10, or 0.6 per cent, tosettle at USD 1,304.60 an ounce, tallying a gain of 2.3 percent for the week.
Elsewhere, silver for December rose 14.5 cents, or 0.8per cent, to USD 17.411 an ounce—up 3.7 per cent for the week.
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This is unedited, unformatted feed from the Press Trust of India wire.