Gold price logs weekly gain of Rs 1,000

Gold price logs weekly gain of Rs 1,000 New Delhi: Gold prices regaining the psychological Rs 28,000 mark after two weeks was the feature of trading in the bullion market during the past week. The precious metal's prices gained on renewed buying by stockists and retailers for the ongoing marriage season, amid a firming global trend.

Gold, which had suffered the biggest-ever single day fall in the week before to touch Rs 26,350 per ten gram, was seen regaining strength this week on retail customers buying at attractive lower levels.

Besides, purchases by stockists for the ongoing marriage season also helped the precious metal recover.

An upsurge in the precious metal prices was further supported following a sharp rebound in international markets on reports of Russia and Kazakistan increasing their gold reserves.

Globally, gold gained 4.8 percent this week as demand for coins, bars and jewellery surged after the metal touched USD 1,321.50 on April 16, the lowest level in over two years.

Tracking this movement, silver also spurted on increased offtake by industrial units and coin makers.

Market remained closed on Wednesday on account of "Mahavir Jayanti".

In the national capital, gold of 99.9 and 99.5 percent purity commenced higher on seasonal buying and rose further to close at Rs 28,100 and Rs 27,900 per ten grams respectively, showing a sharp gains of Rs 1,000 each. Sovereign followed suit and rose by Rs 200 to Rs 24,200 per piece of eight gram.

Silver (ready) shot up by Rs 1,600 to Rs 46,900 per kg and weekly-based delivery by Rs 1700 to Rs 45,000 per kg. Silver coins also spurted by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces following upsurge in seasonal demand.

PTI