Weekly review: Gold, silver extend gains for second straight week

New Delhi: Gold prices extended its gains for the second straight week by Rs 435 to close at Rs 28,335 per ten grams, on sustained demand from stockists amid supportive global cues.

Globally, gold ended lower on Friday after jobs report, but scores second straight weekly gain.

On a weekly basis, yellow-metal gained by Rs 1,055 or 3.83 percent, in two-weeks.

Elsewhere, silver too maintained its second weekly gain to close above the significant Rs 40,000 mark due to speculative buying coupled with higher industrial demand.

In worldwide trade, Gold futures settled lower on Friday as strength in the US dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal.

Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.

For the week, the yellow metal tallied a 1.8 percent gain, while white-metal paring its weekly rise to roughly 3.3 percent.

In New York Comex trade, gold for delivery in February

rose to finish at USD 1,173.40 an ounce as compared to last weekend's close of USD 1,157.10 and silver for March also climbed to settle at USD 16.519 an ounce from USD 16.08.

On the domestic front, standard gold (99.5 purity) resumed lower at Rs 27,835 per 10 grams from last Friday's closing level of Rs 27,900, but recovered afterwards to Rs 28,270 before finishing at Rs 28,335, revealing a rise of Rs 435, or 1.56 percent.

Pure gold (99.9 purity) also commenced lower at Rs 27,985 per 10 grams as compared to preceding weekend's level of Rs 28,050, but recovered afterwards to Rs 28,420 before concluding at Rs 28,485, showing a gain of Rs 435, or 1.55 percent.

Silver ready (.999 fineness) commenced lower at Rs 39,335 per kilo as against preceding weekend's level of Rs 39,930 and later recovered to Rs 40,385, before ending at Rs 40,620, registering a rise of Rs 690 per kilo, or 1.73 pct.

With PTI Inputs