Gold regains Rs 30,000-mark at bullion market during the week

Mumbai: Gold regained the key Rs 30,000-mark at the bullion market during the week following smart offtake from stockists and investors amid increased buying by local jewellers tracking a firm global trend.

The yellow-metal rose 2.62 per cent in its first weekly gain, or Rs 785 per kg. Elsewhere, silver too maintained its surge to regain its 38K level up by another Rs 790 per kg or 2.08 per cent to end the week at Rs 38,710 due to sustained speculative buying coupled with higher industrial offtake. Market remained closed on Tuesday on the account of 'Mahashivratri'.

Bullion traders said that wedding seasonal demand also the yellow metal got a boost after it climbed in global markets as weakness in the dollar raised appeal of precious metals as a safe-haven.

In worldwide trade, Gold futures settled slightly higher, registering its sharpest weekly gain in more than a year, as the dollar extended a monthslong slump. April gold added 90 cents, or less than 0.1 per cent, to USD 1,356.30 an ounce, marking its highest level in nearly three weeks.

Gold booked a gain of 3 per cent for the week, representing its biggest weekly rise since April 29, 2016. In other metals trading, March silver shed 8.4 cents, or 0.5 per cent, to end at USD 16.712 an ounce, for the week it rose about 4 per cent, marking is sharpest weekly climb since the last week in December. 

In the New York Comex trade, gold for April delivery climbed to USD 1,356.30 an ounce compared to last Friday's close of USD 1,315.70 and silver for March contract rose to end at USD 16.712 an ounce from USD 16.139.

On the domestic front, standard gold (99.5 purity) resumed higher at Rs 30,110 per 10 grams from last Friday's closing level of Rs 29,980, it rose to Rs 30,645 before settling at Rs 30,765, revealing a gain of Rs 785, or 2.62 per cent.

Pure gold (99.9 purity) also commenced higher at Rs 30,260 per 10 grams compared to preceding weekend level of Rs 30,130, it regained to climbed at Rs 30,795 before closing at Rs 30,915, showing a rise of Rs 785, or 2.61 per cent.

Silver ready (.999 fineness) opened positive at Rs 38,030 per kilogram from last Friday's closing level of Rs 37,920, and rose further to Rs 38,705 before finishing at Rs 38,710, registering a rise of Rs 790 per kilo, or 2.08 per cent.