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Festive demand drives gold sales

Festive demand drives gold sales
Highlights

The markets in India kept their expectations high despite severe economic crisis thanks to the solid religious commitment of the people which keeps their spirits high in all situations. The frenzied buying spree in the yellow metal made it to march ahead in the penultimate week of Ramzan. Consequently, standard gold yet closed higher by Rs 50 per 10 gm. So was also silver which gained another Rs 1,000 per kg.

The markets in India kept their expectations high despite severe economic crisis thanks to the solid religious commitment of the people which keeps their spirits high in all situations. The frenzied buying spree in the yellow metal made it to march ahead in the penultimate week of Ramzan. Consequently, standard gold yet closed higher by Rs 50 per 10 gm. So was also silver which gained another Rs 1,000 per kg.

Ornamental gold too recorded an appreciation of Rs 40 per 10 gm. Meanwhile, the plain talk by new Governor of the Reserve Bank of India, Dr Raghuram Govind Rajan, that he does not have a magic wand to rejuvenate country’s economy overnight has been received by the market players with a pinch of salt, They are, however, appreciative of the new Governor to be, about his honesty and good intentions to put the financial markets on the right tracks.

Standard gold (24 carats) after closing at Rs 28,900 per 10 gm last week, opened on a firm note. Gradually, it rose to gain Rs 50 and closed at Rs 28,950. Ornamental gold too followed the suit and was quoted in the range of Rs 28,270-28,370 per 10 gm on the closing day. Pure silver (0.999) also moped up a fresh gain of Rs 1,000 per kg and closed at Rs 43,000 per kg against previous week’s closing of Rs 42,000.

Due to the continued buying support, principal commodities recorded smart gains. While the staple food grains like wheat, rice, jawar, bajra and maize appreciated marginally, other commodities of the household use such as tamarind, turmeric, cumin seeds, ginger, garlic and coriander recorded a further appreciation in the range of 4 per cent to 7per cent. Chilies, jaggery and sugar too closed higher by 3 per cent to six per cent.

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