Gold Ends Four-Session Losing Streak with Modest Rs 200 Gain
Gold prices rose by Rs 200 to Rs 1,52,600 per 10 grams in India's national capital on Friday, ending a four-session losing streak. The yellow metal of 99.9 per cent purity had closed at Rs 1,52,400 per 10 grams the previous session.
Silver prices remained unchanged at Rs 2.37 lakh per kilogram, inclusive of all taxes, according to local traders. The precious metal recovered after four consecutive sessions of losses as investors resorted to bargain buying at lower levels, traders said.
Despite Friday's recovery, gold is still on track for a weekly decline due to a significant rise in the dollar earlier in the week, said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. The rebound was equally visible in overseas markets, where spot gold gained $27.73, or nearly 1 per cent, to USD 4,301.40 per ounce.
Gold prices saw a recovery on Friday as some key challenges for precious metals diminished, with crude oil rates and the US dollar retreating from recent highs, Gandhi said. However, the precious metal ended the week Rs 4,000, or 2.5 per cent, lower, while silver lost Rs 10,000, or 4 per cent.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said that spot gold edged higher on Friday, moving back above $ 4,300 an ounce, while silver climbed to near $ 65. A softer US dollar and stabilisation in bond markets after a sharp rise in yields supported the rebound.