Gold prices rebounded sharply for the week,

New York (July 22)  Gold snapped its three consecutive weeks of losses at the domestic bullion market here, mainly driven by investors and stockists offtake mirroring sharp rally in international markets.

Though, the yellow metal witnessed seasonal slowdown in local buying due to month of July sensing the absence of festivals and wedding season, the metal climbed on higher overseas advices.

The precious metal reached its highest level in three weeks in US driven by dollar weakness amid political concern as US Senate unable to pass legislation to replace and repeal the affordable Health Care Act, creating doubts over the Congress whether it will able push its ambitious fiscal reforms.

Elsewhere, silver also gained sharply on heavy speculative offtake amid industrial buying.

Also, in worldwide trade, Gold was witnessed its biggest weekly gain in two months as a surging euro dragged down the US dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

The greenback retreated against a basket of major currencies, with the dollar index hitting a more than one-year low in afternoon.

Source: DNA