Gold posts weekly gain of Rs 350; silver rises Rs 600

Gold prices showed gains of Rs 350 from the precious week's level.

Updated: May 25, 2013, 16:34 PM IST

New Delhi: After dipping to multi-month low, both the precious metals, gold and silver prices managed to recover to close higher in the bullion market during the past week on fresh buying by stockists and retailers.

Before recovering, the gold dropped to Rs 26,370 per ten grams, matching with a level last seen on August 10, 2011, and silver tumbled to Rs 42,170 per kg, a level last seen on November 26, 2010 on Monday on heavy selling by stockists amid a weak global trend.

Traders said fresh buying by stockists and retailers helped both gold and silver prices to close higher.

In the national capital, gold of 99.9 and 99.5 percent purity opened extremely lower at Rs 26,370 and Rs 26,170 per 10 grams.

Later, its recovered to close at Rs 27,050 and Rs 26,850 per 10 grams, respectively, showing gains of Rs 350 each from the precious week's levels. Sovereign held steady during the week at Rs 23,700 per piece of eighht grams in limited deals.

Silver moved between gains and losses on alternate bouts of buying or selling. Silver ready ended higher by Rs 600 to Rs 44,300 and weekly-based delivery by Rs 820 to Rs 43,475 per kg this week.

Silver coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.