India's Domestic market sees upsurge in gold sales

Mumba-India (Aug 5)  Gold continued its gains for the third week in a row at the domestic bullion market, riding on good buying by local jewellers, even as the metal lost attraction overseas.

The precious metal made the most in view of the ongoing festive season, but a weak trend overseas came as a spoiler. The yellow metal gained 2.42% or ₹680, in three weeks. In contrast, silver ended lower on speculative selling and lower industrial off-take.

On the global front, gold futures settled firmly lower as the dollar jumped after a key report on U.S. payrolls in July showed stronger than expected job creation.

The data rallied stocks and the dollar index, dulling demand for gold.

On the domestic front, standard gold (99.5 purity) resumed higher at ₹28,550 per 10 grams from last Friday’s closing level of ₹28,440, it moved in a range of ₹28,600 and ₹28,370 before settling at ₹28,540, revealing a rise of ₹100, or 0.35%.

TheHindu