Gold prices rise for 2nd week by Rs 245

Gold prices rise for 2nd week by Rs 245 New Delhi: A divergent trend was seen on the bullion market during the past week as gold prices rose further on sustained stockists buying influenced by a firming global trend, while silver fell on lack of support from industrial units.

Traders said sustained buying by stockists and a firming global trend mainly led to rise in gold prices for the second straight week.

They said silver remained under pressure on lack of support from industrial units and surrendered fresh ground.

Gold in New York, which normally sets the price trend on the domestic front, rose 0.8 percent to USD 1,609 an ounce this week.

In the national capital, gold of 99.9 and 99.5 percent purity commenced higher and climbed to Rs 30,370 and Rs 30,170 per 10 grams on increased buying driven by firm global cues.

Later, it met with some resistance and slipped to close at Rs 30,255 and Rs 30,055 per 10 grams respectively, still higher by Rs 245 each.

Sovereigns also gained Rs 50 to Rs 25,300 per piece of eight grams.

On the other hand, silver ready, after a better start, surged to Rs 55,180 and 54,835 per kg before ending at Rs 54,415, showing a modest fall of Rs 60. Similarly, the silver weekly-based delivery lost Rs 100 to Rs 54,200 per kg during the week.

However, silver coins attracted brisk buying and ended higher by Rs 2,000 to Rs 82,000 buying and Rs 83,000 for selling of 100 pieces.

PTI