Prices of precious metals rebound strongly

prices-of-precious-metals-rebound-strongly

, DECEMBER 5

The price of precious metals rose significantly in the trading week of November 29 and December 4.

According to (), gold was traded at Rs 90,700 per tola on Sunday.

Its price fell by Rs 700 a tola to Rs 90,000 per tola on Monday. Bullion price was northbound for the remainder of the week. It went up by Rs 500 a tola each day for the next two days, to be priced at Rs 90,500 per tola on Tuesday and Rs 91,000 a tola on Wednesday. Gold price surged by a whopping Rs 1,600 per tola to be traded at Rs 92,600 a tola on Thursday and went up by another Rs 300 per tola on Friday to close the trading week at Rs 92,900 a tola.

The precious yellow metal surged by 2.42 per cent or 2,200 per tola over the review week.

According to Reuters, gold demand moderated this week in after local prices recovered from a fivemonth trough, while buyers in other major hubs were also put off by a slight uptick in prices. Indian dealers were charging a premium of $3.5 an ounce over official domestic prices this week, inclusive of 12.5 per cent import and three per cent sales levies, down from last week’s premium of $5.

Neighbouring Bangladesh cut prices for all categories of gold for the second in little over a week due to weak demand, Jewellers’ Association said. The new rates, with the best quality gold priced at 72,667 taka ($863.23) per Bhori, or 11.664 grams, came into effect from Wednesday.

In , gold was sold at a discount of $20 an ounce to the international spot price versus last week’s $17 to $20. In Hong Kong, the metal was sold at a premium of $0.50 to $1.50.

Traders said a slump in international prices earlier this week triggered some which then turned lacklustre.

Benchmark spot gold prices are on track


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