Gold price rises for 4th day, settles at Rs 28,500 per 10 grams

Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day on the trot and added another Rs 150 at Rs 28,500 per 10 grams Friday.

Last Updated: Dec 30, 2016, 15:43 PM IST
Gold price rises for 4th day, settles at Rs 28,500 per 10 grams

New Delhi: Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day on the trot and added another Rs 150 at Rs 28,500 per 10 grams Friday.

At Multi Commodity Exchange (MCX), gold for delivery in February was trading Rs 28, or 0.10 percent higher at Rs 27,590 per 10 grams.

Analysts said, fresh positions created by participants following a better trend in global market as weakness in the dollar raised demand for the precious metal as a safe-haven assets, influenced gold prices at futures trade here.

Apart from the bullish trend overseas and weakness in the dollar that stoked demand for the precious metal as a safe haven asset, persistent buying by local jewellers boosted gold prices.

Globally, the yellow metal was set to close out 2016 up more than 9 percent for its first annual gain in four years, edging higher in the final trading session of the year on the back of a weaker dollar.

Spot gold was up 0.2 percent at USD 1,160.42 an ounce, having earlier hit a more than two-week high of USD 1,163.14 an ounce.

Gold is up about 2.5 percent for the week and poised to register its best weekly gain since early June.

In the national capital, gold of 99.9 percent and 99.5 percent purity rose by another Rs 150 each to Rs 28,500 and Rs 28,350 per 10 grams, respectively. It had gained Rs 800 in the previous three days.

On the other hand, silver ready ruled flat at Rs 39,900 per kg while weekly-based delivery declined by Rs 90 to Rs 39,680 per kg.