Bullion: Continuing its upward march for yet another

Bullion: Continuing its upward march for yet another week, gold recorded a rise of Rs 100 to end at Rs 30,850 per ten grams at the bullion market on brisk buying by local jewellers to meet wedding season demand amid volatile global trend.

Silver, however, after moving between gains and losses on alternate bouts of buying or selling, settled the week at previous level of Rs 39,900 per kg.

Bullion traders said, persistent buying by local jewellers driven by ongoing wedding season, kept gold prices higher.

Globally, gold ended the week lower at USD 1,330.60 an ounce and silver at USD 17.00 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week higher and advanced to recapture the crucial Rs 31,000-level to touch a high of Rs 31,100 and Rs 30,950 per ten grams, respectively on fresh buying support from local jewellers along with a firm trend overseas.

Later, it met with some resistance at prevailing higher levels and slipped to Rs 30,830 and Rs 30,680 before bouncing back in sync with a firm trend overseas and wedding season buying at domestic spot market to close at Rs 30,850 and Rs 30,700 per ten grams, showing a gain of Rs 100 each.

Sovereign, however, moved in a narrow range in limited deals and pegged at previous level of Rs 24,800 per piece of eight grams.

Silver ready ended the week flat at Rs 39,900 per kg, while weekly-based delivery ended lower by Rs 250 to Rs 38,870 per kg.

Silver coins, however, maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. PTI SUN KPS SBT