Gold prices settle at Rs 32,550 per 10 grams after 6-year high this week

Mumbai-India (Oct 27)  Continuing its upward march for yet another week, gold prices zoomed to hit over six-year high of Rs 32,625, and finally settled at Rs 32,550 per 10 grams on Saturday, supported by pick up in festive and wedding season demand by local jewellers.

Silver, on the other had, after moving in a narrow range on scattered buying and selling, finally ended flat at Rs 39,600 per kg.

Bullion traders said sentiments were also buoyant on firming trend in global markets where gold surged to over three-month high as the dollar eased and equity markets skidded to multi-months low.

Besides, a depreciating rupee, that made imports costlier also added to the uptrend in the gold prices.

Shifting of funds by investors towards the bullion from the melting equity markets too helped the precious metal to scale over six-year high.

Globally, gold ended the week at $1,233.80 an ounce as compared to previous week's $1,227.50. Silver also advanced to $14.76 an ounce from $14.68.

BusinessToday