Gold, silver sparkle on buying buoyancy

​Hyderabad: Following the strong sentiment prevailing since last month, both the precious metals remained firm during the week ended Saturday. Obviously, buying spree indulged in by the big players was responsible for the firm and buoyant trend. This situation is likely to continue at least for another four weeks.

At home, the global trend was reflected in higher closing prices of gold and silver. Standard gold (24 carats), after closing at Rs 31,500 (per 10 gms) in the previous week, was firm as it appreciated consistently during the week before closing at Rs 32,100 or Rs.600 higher.

Similarly, ornamental gold also appreciated and was quoted in the range of Rs 31,360 to Rs 31,460 (per 10 gms) on the closing day. Silver (0.999), too, moved in tandem and rose from the previous week’s closing level of Rs 46,380 (per kg) to Rs 47,000, thus making an appreciation of Rs 620.

Relaxation in the excise duty on jewellery-making units announced by the government recently seems to have boosted the latter’s confidence. While it is true that the ease of doing the business with minimum government interference is an essential element in doing the business peacefully, the business community, too, has to reciprocate it by ensuring the authorities that it would not misuse the concessions granted by them and would do the business honestly and in a transparent manner. To ensure this, trade associations will have to come forward in a determined way.