Gold price dawdles to end record-breaking year with modest gains

Gold price

Precious gold staged a modest rebound after its three-session lustreless trade on low-level retail buying to conclude the final trading session of the record-breaking 2012 at the domestic bullion hub here today.

The industrial metal too firmed up due to renewed speculative off-take.

Standard gold of 99.5 per cent purity went up by Rs 55 to end at Rs 30,490 per 10 grams from weekend closing level of Rs 30,435.

Pure gold of 99.9 per cent purity also added by a similar margin of Rs 55 to conclude at Rs 30,625 per 10 grams from Rs 30,570 previously.

Silver ready (.999 fineness) rose by Rs 80 per kg to close at Rs 57,820 as compared to Rs 57,740 last weekend.

The yellow metal witnessed skyrocketing rallies and steep declines over short time-frames during the year.

Although precious gold remained as a favoured commodity of the year, it gained barely 12 per cent after encountering a healthy 6.18 per cent price correction from its life-time highs.

Tough measures taken by both the government and the central bank to curb gold import amid slowing investment demand as well as sharp surge in prices took some sheen out the metal.

Gold touched the high of Rs 32,500 per 10gm, driven mainly by weak rupee as well as seasonal demand amid frantic speculative interest. Buoyant global cues too supported the surge.

During the year, standard gold finished with an average rise of 12.14 per cent compared with a phenomenal rise of 32.09 per cent recorded last year, while pure gold shot up by 12.06 per cent. Silver jumped by 13.44 per cent as against 8.38 per cent registered last year.

Globally, combination of extremely-loose monetary policies, macro-economic imbalances and geo-political tensions drew gold to relentless 12th straight year of gains despite year-end heavy profit-taking on the back of improving signs of US economy.

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