Bullion: In brief four-sessions of trading, both precious

Bullion: In brief four-sessions of trading, both precious metals gold and silver ended higher on the bullion market during the past week on fresh buying by stockists and retailers for the marriage season amid firm global trend.

Markets remained closed on Tuesday and Thursday for Ram Navami and polling for the seven Lok Sabha constituencies in the national capital respectively. Traders said fresh buying by stockists and retailers for the ongoing marriage season mainly led to rise in the precious metals prices. Firm global trend where gold traded near a two-week high, as investors weighed the outlook for US stimulus and tension in Ukraine further influenced the sentiment, they said.

Gold in New York, which normally sets price trend on the domestic front, rose 1.5 per cent to USD 1,322.70 an ounce this week. In the national capital, gold of 99.9 and 99.5 per cent purity commenced higher and advanced further on sustained buying before closing at Rs 29,980 and Rs 29,780 per ten gram respectively, showing a sharp upsurge of Rs 580 each. Sovereign followed suit and moved up by Rs 100 to Rs 25,000 per piece of eight gram.

Silver ready ended higher by Rs 270 to Rs 43,750 per kg and weekly-based delivery by Rs 210 to Rs 43,180 per kg this week. Silver coins also spurted by Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.