Gold maintains shine

MUMBAI: It was business as usual at the local bullion markets on the first day of 2007, but in a restricted manner. The reason, major players took a holiday as many international markets remained closed on Monday for festivals like New Year and Id-ul-Zuha.

In domestic markets, enquiries came mainly from stockists as they enlarged their positions in the wake of the forthcoming marriage season.

In Delhi, spot gold (99.5) opened on a promising note on the back of stockists’ buying and closed Rs 55 higher at Rs 9,260 per 10 gm.

In Mumbai, the precious metal moved in a narrow range in the absence of any market-moving factor and inched up to Rs 9,175, against the previous close of Rs 9,170 per 10 gm.

In Chennai and Kolkata, the metal held steady at their last weekend closing level of Rs 9,305 and Rs 9,315 per 10 gm respectively.

Domestic silver, however, showed a mixed pattern of trading. While spot silver (.999) declined marginally in Delhi, it remained unchanged in Kolkata and Chennai.

In Mumbai, spot silver prices closed Rs 5 higher at Rs 19,540 per kg. In Delhi, the white metal shed Rs 50, before closing at Rs 19,300 per kg as stockists took profits.