Gold posts marginal gains this week
Mumbai: Both the precious metals, gold and silver gained marginally at the domestic bullion market during the week under review:
The yellow-metal traded in a narrow band for most of the week as stockists and retail investors continued their reluctance to take positions in the absence of any viable overseas cues. Though, fag-end local buying interest at existing levels gave a marginal push to the metal.
Silver also witnessed heavy speculative swings, finally managed to edge up on stray industrial buying support towards the week-end.
On the global front, gold traded listless on disappointment over US Federal Reserve's failure to give any clue on more stimulus measures amid weak dollar positions, leading the metal to retreat.
The industrial metal also moved in line with yellow-metal to decline modestly.
In New York, gold for August delivery fell to USD 1,582.40 an ounce from last weekend's level of USD 1,592 an ounce.
The September contract for silver eased to USD 27.30 an ounce as compared to USD 27.37 previously.
Standard gold (99.5 purity) opened lower at Rs 29,150 but later rose to Rs 29,305 before drifting to close at Rs 29,235 from preceding weekend's level of Rs 29,190, showing a marginal gain Rs 45 per 10 gm.
Pure gold (99.9 purity) resumed weak at Rs 29,280, later firmed up to Rs 29,440 before declining to end at Rs 29,365 over its previous close of Rs 29,320, registering a gain of Rs 45 per 10 gm.
Silver ready (.999 fineness) started soft at Rs 52,640 and hovered between Rs 52,940 and Rs 52,495 before finishing at Rs 52,760 from last Saturday's closing level of Rs 52,720 disclosing a modest rise of Rs 40 per kg.