Gold ends at one-month high on positive global cues
24 March 2018 5:42 PM GMT
New Delhi: Gold regained its glitter to close at one-month high of Rs 31,835 per ten grams at the bullion market during the week on the back of a firm trend overseas and persistent buying by local jewellers.
Silver followed suit and ended higher due to increased offtake by industrial units and coin makers.
Bullion traders said sentiment bolstered largely in sync with a positive global trend where gold traded higher as renewed trade war fears between the US and China dragged the US dollar down, triggering buying for safe-haven assets.
Globally, gold ended the week higher at USD 1,346.80 an ounce and silver at USD 16.53 an ounce in New York.
Besides, increased buying by local jewellers to meet the auspicious "Navratras" demand at the domestic markets too supported the upmove in gold prices, they said.
Shifting of funds from melting equity to rising gold too influenced sentiment to some extent, the traders added.
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