Gold price logs weekly gain of Rs 425 per ten gms in Delhi
Gold prices closed higher at the bullion market during the past week on fresh buying by stockists for the ongoing marriage season amid a firm global trend.
New Delhi: Gold prices closed higher at the bullion market during the past week on fresh buying by stockists for the ongoing marriage season amid a firm global trend.
However, silver remained under selling pressure and surrendered further ground.
Buying activity in gold picked up as stockists and retail customers undertook buying for the ongoing marriage season, traders said.
Firm global trend amid signs of increased demand for bars, jewellery and coins in China, the world?s second-biggest buyer, further supported the uptrend in gold, they said.
Gold in New York, which normally sets price trend on the domestic front, recovered to USD 1,250.40 an ounce after touching a low of USD 1,226.40, the lowest since July 8.
In the national capital, gold of 99.9 and 99.5 percent purity opened lower and fell further to Rs 31,215 and Rs 31,015 per ten grams for want of support.
Subsequently, it met with low level buying by stockists and retail customers for the ongoing marriage season and recovered to close higher by Rs 425 each at Rs 31,525 and Rs 31,325 per ten grams, respectively.
Sovereign moved between gains and losses on alternate bouts of buying and selling and settled steady at Rs 25,200 per piece of eight gram.
On the other hand, silver ready declined by Rs 225 to Rs 45,075 per kg and weekly-based delivery by Rs 270 to Rs 44,275 per kg this week.
However, silver coins spurted by Rs 2,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces on huge demand for marriage season.