Gold prices recover on global cues, wedding demand

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New Delhi: Taking positive leads from the global market and wedding season buying by local jewellers and retailers, gold prices recovered by Rs 80 during the week in the bullion market.
Silver, too, staged a comeback and ended Rs 150 higher at Rs 38,000 per kg.
Bullion traders said sentiment turned upbeat on firm global cues as the dollar fell after US Federal Reserve officials made cautions comments on the outlook for interest rate hikes, providing boost to dollar-pegged commodities, making them attractive to users of other currencies.
Moreover, wedding season buying by local jewellers to meet demand from retailers at domestic spot markets fuelled the uptrend, they added.
Globally, gold ended the week higher at $1,222.10 an ounce as against last week’s level of $1,210.40. Silver, too, advanced to $14.49 an ounce from $14.25 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at Rs 32,150 and Rs 32,000, largely in sync with positive global cues and fresh buying support from local jewellers and advanced further to end at Rs 32,150 and Rs 32,000 per 10 gram respectively, showing a recovery of Rs 80 each. Sovereign also recorded a rise of Rs 100 to settle the week at Rs 24,800 per piece of 8 gram.
After moving in a tight range on scattered support, Silver ready ended the week higher by Rs 150 at Rs 38,150 per kg, while silver weekly-based delivery gained Rs 143 to Rs 37,023 per kg.
However, silver coins remained under pressure due to the end of festive season and fell by Rs 2,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.