Gold₹50,260 per 10 gram while silver settled 1.2% higher at ₹62,260 per kg. However, for the week, gold prices ended about ₹700 per 10 gram lower in Indian markets while silver fell ₹1,500 per kg.
The price correction helped boost buying in India’s retail gold market this week, Reuters reported, though premiums eased slightly from a week ago. Dealers charged premiums of about $2 an ounce over official domestic prices, down from $4 last week. Gold
Jewellery maker Titan Company this week reported reported growth in businesses during the festive season. “The jewellery business witnessed a mid-teens growth (around 15 per cent) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales,” the company said in a business update.
In global markets, gold edged higher on Friday after US Treasury Secretary Steven Mnuchin signalled that negotiations on stimulus measures will continue, boosting the metal’s appeal as a hedge against likely inflation. Spot gold rose to $1,871.99 per ounce but on a weekly basis edged 0.8% lower.
“Prices continue to be choppy inside $1900-1850 levels and breaking any of the sides would suggest fresh direction the commodity. MCX gold faces resistance at ₹51,220 while has support at ₹49,460,” Geojit Financial Services said in a note.
Investors pulled $4 billion from gold, the biggest outflow ever, amid a rush for riskier assets last week, (BofA) stated on Friday. (With Company Inputs)