Gold shows weekly gain of Rs 1,135 per 10 gms
New Delhi: Gold prices climbing to five-week high was the feature of trading in the bullion market during the past week on brisk buying against restricted supply after the Reserve Bank of India imposed fresh import norms, amid firming global cues.
Gold surged to Rs 28,425 per 10 gram, a level last seen on June 19 as the market was facing tight stocks positions after the stringent import norms imported by the RBI.
Under a notification, banks and authorised agencies will have to ensure that at least 20 per cent of imported gold is made available for exports.
Silver also rose on increased offtake by industrial units and coin makers.
The upsurge was further supported as the gold prices in global markets surged to USD 1348.65 an ounce on speculation the US Federal Reserved will maintain monetary stimulus, boosting demand for the metal as safe haven.
In the national capital, gold of 99.9 and 99.5 percent purity commenced with strength at Rs 27,680 and Rs 27,480 per ten gram on fresh buying.
Later, it met with brisk buying after RBI took measures to curb import of the precious metals and settled at Rs 28,425 and Rs 28,225 per ten grams, showing a notable gain of Rs 1135 each from the previous week's close.
Sovereign ended higher by Rs 150 to Rs 24,400 per piece of eight grams.
In volatile movements, the white metal moved between gains and losses on alternate bouts of buying and selling. Silver ready settled higher by Rs 705 to Rs 41,230 and weekly-based delivery by Rs 650 to Rs 41,010 per kg during this week.
Silver coins also spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.