Gold has gained nearly 30 percent in 2010, based on Friday's fixing, marking its strongest annual performance since 2007 and its fifth straight monthly rise in December.
The spot price fixed at $1,410.25 an ounce on Friday morning, compared with $1,405.50 an ounce at the previous fixing on Thursday afternoon.
Based on the fixings, gold has risen by 29.7 percent this year, compared with a 28.7 percent increase in the freely traded spot price, the largest annual rise since 2007, when the global financial crisis unfolded.
Meanwhile, silver prices nosedived by Rs 200 to Rs 46,500 per kg in the last trading session of the 2010 calendar year today on reduced demand from industrial units and coin-makers.
Its more expensive cousin, gold, also shed Rs 100 to Rs 20,890 per ten grams amid a fall in demand at existing higher levels and the approaching end of the marriage season.
Marketmen said reduced offtake by stockists and jewellers due to a fall in demand at existing higher levels mainly pulled down bullion prices.
On the domestic front, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 20,890 and Rs 20,770 per ten grams, respectively. However, the price of gold sovereigns held steady at Rs 16,875 per piece of eight grams.
In line with the general weakening trend, silver ready dropped by Rs 200 to Rs 46,500 per kg. It had climbed to all- time high of Rs 46,700 yesterday. In addition, silver weekly-based delivery lost Rs 140 to Rs 46,125 per kg.
However, silver coin prices remained stable at Rs 50,000 for buying and Rs 50,100 for selling of 100 pieces.
Source: www.economictimes.indiatimes.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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