Gold, silver end 2017 on a high, post annual gains

Gold regained its sheen by surging ~175 to a one-month high of ~30,400 per 10 grams on the last trading day of 2017 at the bullion market today, driven by a firm trend overseas and increased buying by local jewellers.

Silver maintained its upward march and added another ~280 to reach ~ 39,980 per kg backed by increased offtake by industrial units and coin makers.

Marketmen said a firm trend in the global market, where gold rallied to onemonth high of $1,302.50 an ounce mainly driven by a softer dollar and political uncertainties, and pick up in demand from local jewellers supported the upside in prices.

For the year, gold recorded a rise of ~2,100 or 7.42 per cent, while silver climbed ~580, or 1.47 per cent at the local market. The rise comes amid weakness in the US dollar that gave a boost to dollarpegged commodities, making them more attractive to users of other currencies.

During 2017, gold hit a high of ~31,350 per 10 grams (on September 8) and a low of Rs 28,300 (on January 2).

Globally, it zoomed to end the year at $1,302.50 an ounce, showing a growth of over 13.17 per cent from last year's close of $1,150.90 an ounce in New York.

Also, silver rose 6.48 per cent to close at $16.91 an ounce as against last year’s close of $15.88. In Delhi, gold of 99.9 per cent and 99.5 per cent purity today climbed by ~175 each to ~30,400 and ~30,250 per 10 grams, respectively. The precious metal had shed ~25 in yesterday’s trade. Sovereign, however, remained steady at ~24,700 per piece of eight grams in limited deals.