| The yellow metal (99.9) in the domestic market perked up Rs 30 to Rs 6,335 per 10 gram on Monday and slumped to Rs 6,285 towards the mid-week.The metal gained momentum again towards the end and jumped Rs 95 to Rs 6,410-10 gms on Friday from its level at Rs 6,315 on Thursday. |
| This is the second time in this year when gold has touched the resistance level of Rs 6,400 which it had crossed first time on March 12. |
| "Gold prices are mounting today and the trend would continue at least for the next couple of days as the cascading affect of the trend in the international market. Because of long week end in the US, traders managed to build their book position.Week US economic data and higher oil price also supported the price , said Prithviraj Kothari, director,Riddhi Siddhi Bullion Ltd and member of Bombay Bullion Association. |
| Silver at the same time is also moving gradually towards its year's high of Rs11,220 per kg that it had touched on February 22. The metal was quoted at Rs10,540 per kg on Monday, remained rangebound for the next three days and finally boosted to Rs10,745 per kg towards the end of the week. |
| Gold futures in New York pulled back from fresh two-week highs atop $450 an ounce on Friday,but prices stayed firm as speculative buying and dollar weakness propped up the precious metals. |
| Trading quickly simmered down after a hectic opening in gold after traders unwound short positions and then settled in to focus on currency moves.A slide in energy prices capped some of the safe-haven and hedge buying, analysts said. |
| December delivery gold on the COMEX division of the New York Mercantile Exchange was at $448 an ounce, up $1.50, in a range of $445.80 to $451.40. Spot gold climbed to $443.50-444.25 an ounce, above Thursday's late New York quote at $442.30-443.00. Friday's afternoon fix in London was $443.60 which is about $13 higher than that of Tuesday. London market remaind closed on Monday. |
| "Market speculation that the Federal Reserve might not increase rates to 4 per cent by year-end, compounded by the slew of disappointing US economic data, record high oil prices and mixed world economic outlook, is likely to inflict further weakness in the dollar," according to a report from Standard Bank. |
| "Consequently, adding to gold's allure as a traditional safe-haven investment, with targets above $460 not improbable," a metals report from the bank said. |
| COMEX December silver rose 3.7 cents to $7.075 an ounce, trading from $7.005-7.125. Spot silver was at $7.00-7.03,from $6.96-6.99 previously. It was fixed at $7.02. |
| Gold sparkled in Multi Commodities Exchange (MCX) as well. For December contract the metal was quoted at Rs 6,339 per 10 gm on Monday which jumped to Rs 6,432 per 10 gm on September 2. |
| December silver contract surged from Rs10,374 per kg to Rs10,640 per kg. Gold remained quiet on National Commodities and Derivetive Exchange (NCDEX) throughout the week at Rs 5,850 per 10 gm. |
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