Gold posts weekly gain of Rs 600 per 10 gms

Gold posts weekly gain of Rs 600 per 10 gms New Delhi: Gold regained the psychological level of Rs 30,000 per 10 grams in the bullion market during the past week largely on stockists and jewellers buying buoyed by festive demand along with a higher trend in the overseas markets.

Silver also climbed on increased offtake by industrial units and coin makers.

Market experts said increased buying by stockists and jewellers to meet the festive season demand mainly pushed up both the precious metals.

They said firming trend overseas where gold climbed to a five-week high on speculation that central banks around the world will take further steps to spur growth, also bolstered the sentiment.

Gold in global markets, which normally set price trend on the domestic front, moved up by 2.9 percent this week to USD 1,633.30 in New York, the highest since June 19.

In the national capital, gold of 99.9 and 99.5 percent purity remained in better form for the major part of the week and prices spurted by Rs 600 each to close at Rs 30,300 and Rs 30,100 per 10 grams respectively, a level last seen on July 9.

Sovereigns followed suit and shot up by Rs 100 to Rs 24,450 per piece of eight grams.

In line with overall firming trend, silver ready rose by Rs 600 to Rs 53,000 per kg and weekly-based delivery by Rs 420 to Rs 53,250 per kg during week. Silver coins also spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.