Gold manages to post weekly gain of Rs 120 per 10 gm

Gold manages to post weekly gain of Rs 120 per 10 gm Zeebiz Bureau

New Delhi: Both the precious metals, gold and silver remained under selling pressure during the past week on weak global trend while a fag-end buying by retailers at existing attractive levels pulled up the prices to settled with gains.

Traders said the metals, which had been traded lower for most of the week on lack of buying and weak global trend, attracted low level buying at the fag-end and settled higher.

In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 29,900 and Rs 29,700 per 10 gm for want of support. Later, it met with buying and recovered to settle at Rs 30,180 and Rs 29,980 per 10 gm, showing a gain of Rs 120 each from previous week's close.

The metal dipped below Rs 30,000 per 10 gm the last week, its lowest level since July 21, last year.

Sovereign followed suit and rose by Rs 100 to Rs 25,300 per piece of eight gram.

Similarly, silver ready started lower at Rs 53,750 per kg, before staging a strong comeback and close at Rs 55,250 per kg, showing a marginal rise of Rs 50.

Silver weekly-based delivery surged by Rs 1270 to close at Rs 54,925 per kg, after touching a low of Rs 53,160 per kg.

Silver coins spurted by Rs 2,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

With PTI Inputs