Festive demand to drive gold sales

Hyderabad (NVS): As was expected, gold and silver took the northward route following the onset of the festive season. In the international sphere, fresh bout of air-strike by the Islamic militants in Turkey caused the yellow metal to turn dearer. Further, weakening of US dollar also led to strengthening of gold. Overall outlook for both the precious metals has undoubtedly improved. Diwali festival which is just a few days ahead is likely to add more buoyancy in the local markets.

During the week, standard gold (24 carats) moved forward from last week's closing mark of Rs 27,080 per 10 gm to Rs 27,230 or Rs 150 higher. Ornamental gold also followed the suit and on the last day of the current week, it was quoted in the range of Rs 26,590-26,690 per 10 gm. Following the footsteps of yellow metal, white metal too gained Rs 830 and closed at Rs 39,330 per kg. The outlook for the next two weeks is bright in view of the ongoing festival season. The principal commodity markets at Risala Abdullah, Mukhtyar Gunj, Begum Bazar, Mir Alam Mandi, General Bazar and area markets of Bowenpally, Saroor Nagar and Kukatpally witnessed brisk business.