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From a 5-month peak, to 2.4% decline: Tracking gold price this week – Hindustan Times

Physical gold demand in major Asian hubs stalled this week as higher prices kept buyers at bay, while the precious metal was offered at a discount in India after festival buying diminished.

People across the country celebrated Dhanteras and Diwali festivals last week when buying gold is considered auspicious.

“Demand usually moderates after Diwali. This year, since prices are rising, buyers are taking a pause,” said Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji.

On Friday, Gold price in the national capital was 48,176 per 10 grams, after rising to 49,380 on Thursday, the highest level in five months.

In the previous trade, the yellow metal had settled at 48,154 per 10 grams.

Silver gained 627 to 65,609 per kilogram from 64,982 per kilogram in the previous trade.

In the international market, gold was trading marginally lower at $1,857 per ounce and silver was flat at $25.17 per ounce.

Spot gold prices were on pace to post their second straight weekly rise of about 2%.

In Singapore, premiums were at $1.50 to $1.80 an ounce.

“Most are selling to take profits from their purchases made last year or earlier,” Brian Lan, managing director at dealer GoldSilver Central in Singapore, told news agency Reuters.

Some analysts, like Manoj Dalmia, founder and director-at Proficient Equities Limited, feel that gold is entering into a bullish phase as the months of December and January are traditionally bullish.

Recent gains in bullion have been supported by a dovish tone taken by key central banks last week, with the Federal Reserve reiterating its view that inflation was “transitory” and would likely not require a fast rise in rates.

(With inputs for agencies)