Gold logs weekly gain of Rs 625; closes at 3-week high

Last Updated: Saturday, July 13, 2013 - 16:28

New Delhi: Gold prices climbed to three-week high at Rs 27,325 per ten grams in the bullion market during the past week on increased buying by stockists amid a firming global trend.

The yellow metal spurted to regain Rs 27,000 level after June 24 on the back of a firm global trend but surrendered some of the ground on fag-end selling.

Traders said increased buying by stockists influenced a firm global trend where gold advanced 5.4 percent this week, that mainly led to rise in gold prices.

Increased off take by industrial units and coin makers helped silver to trade higher, they said.

Meanwhile, government measures to curb gold imports further influenced the sentiment.

In the national capital, gold of 99.9 and 99.5 percent purity after a better start rose further to touch a three week high of Rs 27,325 and Rs 27,125 per ten gram, respectively on increased buying driven by strong global cues. Later, it slipped to close at Rs 27,250 and Rs 27,050, still higher by Rs 625 each from previous week's close.

Sovereign followed suit and rose by Rs 150 to Rs 24,150 per piece of eight gram.

In line with a general firm trend, silver ready commenced higher and spurted to Rs 41,750 on brisk buying. Later it met with resistance and slipped to finish at Rs 41,410 per kg, still showing a jump of Rs 980 during the week.

Similarly, silver weekly-based delivery ended higher by Rs 1190 to Rs 41,460 per kg.

Silver coins spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.


First Published: Saturday, July 13, 2013 - 16:26

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