MUMBAI: After weeks of bull run, is the most glittering global commodity gold entering into a volatile phase?
Gold prices in India, the most active market for the yellow metal, have been witnessing sharp ups and downs in the last one week. India, the largest consumer of gold, often decides the buying and selling patterns in gold.
On Good Friday, in restricted trading, gold staged a strong recovery by gaining Rs 300 at Rs 12,300 per ten grams on the bullion market on revival of buying by stockists at existing lower levels.
Gold, which recorded a steepest fall of Rs 1,110 in previous day's trading, bounced back as stockists and jewellery fabricators bought the metal. However, silver market remained closed for 'Holi' festival.
Global trend, which normally set a price band here in domestic market, failed to impact on the prices as markets closed on account of Good Friday .
Standard old and ornaments met with fresh demand and recovered by Rs 300 each at Rs 12,300 and Rs 12,150 per ten grams respectively.
However, sovereign declined by Rs 200 at Rs 10,000 per piece of eight gram. The bullion market will remain closed tomorrow on account of Holi .