Gold extended gains for the second straight week

Mumbai: Gold extended gains for the second straight week at the bullion market, tracking a firm global trend amid persistent buying by local jewellers to meet wedding season demand at domestic spot markets. Silver followed suit and recaptured the Rs 40,000-mark on increased offtake by industrial units and coin-makers.

Trading sentiments remained firm on the back of a firming trend overseas and increased buying by local jewellers to meet rising wedding season demand, traders said. Globally, gold ended the week higher at USD 1,266.70 an ounce and silver at USD 17.31 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at Rs 29,150 and Rs 29,000 per 10 grams on fresh buying support. However, it met with resistance at higher levels and slipped below the Rs 29,000-mark to Rs 28,915 and Rs 28,765 per ten grams, respectively.

Thereafter, it staged a strong recovery to end the week at Rs 29,250 and Rs 29,100 per ten grams, respectively, showing a notable gain of Rs 150 each. Sovereign, however, moved in a narrow range during the period and settled at previous level Rs 24,400 per piece of eight gram.

Silver ready ended the week higher by Rs 1,070 to Rs 40,270 per kg and weekly-based delivery finishing higher by Rs 955 to Rs 40,090 per kg. Silver coins, however, settled at unchanged level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.