Gold price posts weekly gain of Rs 300
New Delhi: A firming trend developed on the bullion market during the past week as both the precious metals, gold and silver rose on increased buying by stockists and jewellery fabricators in line with a firm global trend.
Traders said fresh buying by stockists and jewellery fabricators and a firm global trend mainly led to rise in both gold and silver prices.
The rupee falling to record low levels against the US dollar further raised concerns of higher import cost, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced higher and climbed to Rs 28,515 and Rs 28,315 per 10 grams. Subsequently, it met with resistance and slipped to Rs 28,190 and Rs 27,990 per ten grams before ending at Rs 28,300 and Rs 28,100 per ten grams, showing gains of Rs 300 each.
Sovereigns gained Rs 100 to Rs 24,300 per peice of eight grams.
Silver ready rose by Rs 1,000 to Rs 44,600 per kg and weekly-based delivery by Rs 880 to Rs 43,840 per kg this week.
Silver coins spurted by Rs 1000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.