Gold surges for the second straight week in bullion market
Yellow-metal resumed slightly higher due to good buying support from jewellery stockists and retailers.
Gold surges for the second straight week in a volatile bullion market following bouts of demand from stockist and jewellers on the back of seasonal buying support amid bullish overseas clues.Despite a brief mid-week profit-taking by speculative traders, yellow-metal staged a healthy comeback.
Yellow-metal resumed slightly higher due to good buying support from jewellery stockists and retailers.But, it soon lost momentum and witnessed bouts of selling as speculative traders preferred to take out some profits at higher levels, though it recouped a major portion of early losses towards the fag end trade.
Elsewhere, silver rebounded in a highly volatile trade owing to good speculative as well as industrial demand. In worldwide trade, gold gained around 4 per cent to close at a 13-month high after February jobs data offered a picture of the labor market that was healthy but not spectacular.