Gold shines to near 3-week high on seasonal demand

business-standard – Gold prices rallied to a near three-week high at the domestic bullion market here following heavy offtake from jewelery stockists and retailers in view of the upcoming festival season as well as wedding-related demand.
Upbeat global sentiment too supported the move.
In contrast, silver held largely steady in the absence of necessary buying support after recent steep slide.
Standard gold (99.5 purity) jumped by Rs 200 to end at Rs 26,415 per 10 grams from Thursday’s close of Rs 26,215.
Pure gold (99.9 purity) also climbed by a similar margin to finish at Rs 26,565 per 10 grams compared to Rs 26,365 earlier.
However, silver (.999 fineness) eased by Rs 5 to settle at Rs 35,700 per kg from Rs 35,705.
In worldwide trade, the shiny-metal gained strength on bargain hunting ahead of the key Federal Reserve Chair Janet Yellen’s speech and also US durable goods data later in the day.
The US central bank kept interest rates on hold last week citing concerns over global economic growth.
Spot gold was firmly higher at USD 1,138.20 an ounce in early European trade and silver quoted up at USD 14.79 an ounce.

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