Gold rises Rs 160 per 10 gms this week

Gold rises Rs 160 per 10 gms this week New Delhi: A divergent trend developed on the bullion market during the past week as gold recovered on scattered buying for the coming festival and marriage season while silver fell on reduced offtake by stockists.

Traders said scattered buying for the coming festival and marriage season mainly helped gold prices to recover moderately.

Reduced offtake by industrial units and coin makers kept pressure on silver prices, they said.

Gold of 99.9 and 99.5 percent purity after a steady start, met with fresh buying to meet the coming festival and marriage season demand and climbed to Rs 31,800 and Rs 31,600 before declined to settle at Rs 31,640 and Rs 31,440 per ten grams, respectively, still higher by Rs 160 each. Sovereign rose by Rs 50 to Rs 25,450 per piece of eight gram.

On the other hand, silver ready commenced lower at Rs 60,500 per kg but subsequently met with buying at existing lower levels and surged to Rs 61,450 per kg. Later, it met with profit-selling and concluded at Rs 60,500 per kg, revealing an on balance loss of Rs 500.

Silver weekly-based delivery after moving between gains and losses on alternate bouts of buying and selling and settled lower by Rs 570 at Rs 61,225 per kg.

However, silver coins remained steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

PTI