gain at the domestic bullion market due to sustained offtake from jewellery stockist and retailer amid bullish global cues.
gain at the domestic bullion market due to sustained offtake from jewellery stockist and retailer amid bullish global cues.
Consistent buying by jewellers and stockists to meet the ongoing festival and wedding seasonal demand mainly rose the domestic sentiment along with firming global trend.
Riding higher on the back of buoyant festive spirit, the yellow metal resumed on a highly bullish note, stretching the rally for the second-straight week.
Elsewhere, silver too rose further due to increased offtake by industrial units and coin makers.
In worldwide trade, Gold prices finished higher Friday to log a second weekly gain in a row as demand for assets perceived as risky waned and the US dollar touched its lowest level in about seven weeks.
April gold rose USD 1.30, or 0.1 per cent, to settle at USD 1,248.50 an ounce yesterday, with the precious metal registering a 1.5 per cent weekly gain. While, silver for May delivery, tacked on 15.5 cents, or 0.9 per cent, at USD 17.748 an ounce, for a 1.9 per cent weekly advance.
A pullback by the dollar, which has been trading around a seven-week low, has helped to give dollar-denominated gold prices a boost.
Gold, seen as a safe haven asset, has benefited from falls in the dollar, US bond yields and stocks this week as Trump's difficulty in passing healthcare reform has undermined faith that he can deliver on promises of tax cuts and investment. A vote on the new health bill was slated for late Friday after a planned Thursday vote was postponed. More
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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