Gold posts weekly gain of Rs 300 per ten grams
New Delhi: Gold prices climbed in the bullion market during the past week on stockists buying on firming global trend, while a fag-end selling minimised the gains.
However, late selling and restricted buying by industrial units and coins maker pulled down silver prices to end with losses.
The trading sentiment bolstered on stockists and investors buying bullion as a safe haven at a time when equity and forex declined.
A firming global trend where the gold regained USD 1,400 an ounce level on concerns the US Federal Reserve might scale back monetary stimulus amid strengthening dollar.
The yellow metal in Singapore, which normally sets the price trend on the domestic front, rose nearly 3 percent to USD 1,411.27 an ounce, the most expensive since May 22.
Gold of 99.9 percent purity commenced higher and scaled to Rs 27,790 before ending at Rs 27,350 per 10 grams, still showing a gain of Rs 300. Gold of 99.5 percent purity also added a similar gain at Rs 27,150 per 10 grams. Sovereigns also shot up by Rs 300 to Rs 24,000 per piece of eight grams.
On the other hand, silver ready surged to Rs 45,100 per kg on initial buying but fell on stockists selling to close with a loss of Rs 180 to Rs 44,120 per kg. Silver weekly-based delivery, however, managed to add Rs 25 to Rs 43,500 per kg on speculators buying.
Silver coins were shot up by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.