Gold posts weekly gain of Rs 375 per 10 grams
New Delhi: Gold regaining a psychological Rs 29,000 per 10 grams level after nearly four months was the high point in trading on the bullion market during the past week.
Traders said stockists buying against tight supplies following government's measures to curb on gold imports mainly pushed up the precious metal prices.
The rupee falling to record low against US currency, which make the import of dollar-priced gold costlier and investors shifting funds from melting equities to bullion were other supporting factors, they said.
In the national capital, gold of 99.9 and 99.5 percent purity after a better start at Rs 28,475 and Rs 28,275, met with brisk buying on the back of firm global trend and climbed to Rs 29,200 and Rs 29,000 per 10 grams respectively, a level last seen on April 12.
Later, it met with resistance at prevailing higher levels and declined to Rs 28,800 and Rs 28,600 per 10 grams, respectively, still higher by Rs 375 each.
However, sovereign moved in a tight range in thin trade to settle at last level of Rs 24,400 per piece of eight grams.
In a volatile trade on alternate bouts of of trade, silver ready gained Rs 870 to Rs 42,100 per kg and weekly-based delivery by Rs 940 to Rs 41,950 per kg during this week.
Similarly, silver coins close higher by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.