Zee Media Bureau
As against its last weekend level, gold price ended the week at higher note on the back of fag-end buying by jewellers to meet rising wedding season demand amid a mixed trend overseas.
In the national capital, gold of 99.9 and 99.5 percent purity commencing the week higher at Rs 27,250 and Rs 27,100 per 10 grams but later came under pressure and tumbled to Rs 26,750 and Rs 26,600 per 10 grams.
However, fag-end buying by jewellers helped the precious metal to recover and it closed at Rs 27,080 and Rs 26,930 per 10 grams, showing a gain of Rs 70 each.
In worldwide trade, it has been a dreadful week for gold against the backdrop of FOMC meeting minutes outcome.
Growing expectations for an imminent US interest rate hike by the middle of the year and fluctuations in the greenback as well as sharp rallies in equity markets predominantly weighed heavily on the precious metal.
The shiny-metal managed to stage a comeback after a brief pullback to close above the psychologically important USD 1,200-mark on short-covering and also bargain hunting after another unsuccessful attempt to break the critical resistance band.
Gold for June-contract edged higher to settle at USD 1,204.60 an ounce on the Comex division of the NYMEX against last Friday's level of USD 1,200.90 an ounce.
Mumbai
On the domestic front, standard gold (99.5 purity) commenced firmly higher at Rs 26,785 per ten grams and swung widely between a high of Rs 26,840 and a low of Rs 26,440 per ten grams before concluding at Rs 26,650 as compared with last weekend's close of Rs 26,630, showing a modest gain of Rs 20.
Pure gold (99.9 purity) resumed higher at Rs 26,935 and traded between Rs 26,990 and Rs 26,575 before ending at Rs 26,800 as against the previous closing level of Rs 26,780, showing a marginal rise of Rs 20 per 10 grams.
With Agency Inputs
