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Gold price gains for fourth straight week

Gold extended gains for the fourth straight week at the bullion market on sustained buying by stockists and retailers due to the ongoing wedding season demand.



New Delhi: Gold extended gains for the fourth straight week at the bullion market on sustained buying by stockists and retailers due to the ongoing wedding season demand.

On the other hand, silver remained under selling pressure, in line with volatile trend overseas and lost further ground.

Marketmen said continued buying by stockists as well as retailers to meet the ongoing marriage season demand, mainly kept gold prices higher during the period.

They said, Akshaya Tritiya, considered to be an auspicious day for buying gold and silver, failed to evoke any sizeable buying support.

In volatile movements, gold of 99.9 and 99.5 percent purity commenced higher at Rs 30,730 and Rs 30,530 per 10 grams on fresh buying support but met with selling pressure and slipped temporarily to Rs 30,390 and Rs 30,190 before rebounding to close the week at Rs 30,710 and Rs 30,510 per 10 grams, respectively, showing gains of Rs 90 each.

Sovereign ended higher by Rs 100 to Rs 25,100 per piece of eight grams.

On the other hand, silver ready lost Rs 550 to Rs 42,700 per kg and weekly-based delivery was down by Rs 520 to Rs 42,080 per kg this week.

Silver coins also dropped by Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

From Zee News

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