Gold glitters to 1-week high on buying frenzy; silver zooms

17 Aug 2017

Gold staged an impressive rebound after a two-day sell-off at the domestic bullion hub here on the back of heavy demand from jewellery traders and investment buying amid bullish overseas undertone.
This is the near one-week closing high for the shiny metal.
Strong global sentiment driven by weak dollar value along with attractive low level buying interest mainly helped gold prices to recover, a bullion trader said.
Moving with the general trend, the industrial metal also bounced back sharply to reclaim the significant INR 39,000 per kg mark on strong industrial demand.
Standard gold (99.5 purity) jumped by a whopping INR 305 to finish at INR 28,960 per 10 grams from Wednesday's close of INR 28,655.
Pure gold (99.9 purity) also shot up by a similar margin of INR 305 to end at INR 29,110 per 10 grams as compared to INR 28,805 earlier.
Silver (.999 fineness) surged by a hefty INR 745 to settle at INR 39,000 per kilo against INR 38,255 previously.
On the global front, gold charged higher bolstered by safe haven demand and also fading rate hike fears after dollar retreated sharply following the release of the FOMC meeting minutes which showed that Fed officials were divided on the course of interest rates.
sDecember gold traded firmly higher at USD 1,284.70 an ounce in early Asian trade, while September silver was little soft at USD 17.060 an ounce. (PTI)