Gold prices extended gains for the second straight week
Gold is trading at Rs 28,740 per ten grams at the bullion market during the week.
Mumbai: Gold prices extended gains for the second straight week and closed at Rs 28,740 per ten grams at the bullion market during the week, on a firm trend overseas and increased buying by local jewellers at domestic spot market.
Silver followed the suit and reclaimed the key Rs 40,000-mark per kg due to increased offtake by industrial units and coin makers.
Traders said besides a firming trend overseas, persistent buying by local jewellers at domestic spot market mainly kept the precious metals higher. Globally, gold ended higher at USD 1,172.20 an ounce and silver at USD 16.44 an ounce in New York.
In the national capital, gold of 99.9 and 99.5 per cent purity started the week on a steady note at Rs 28,300 and Rs 28,150 per 10 grams, respectively on scattered buying support.
Later, it met with brisk buying activity in tandem with a firm global trend and settled at Rs 28,740 and Rs 28,590 per ten grams respectively, showing a gains of Rs 440 each.
Sovereign, also moved up by Rs 200 to Rs 24,200 per piece of eight gram. In volatile movements, silver ready managed to regain the Rs 40,000-mark to end at Rs 40,450 per kg, showing a rise of Rs 1,050.
Similarly, weekly-based delivery closed above Rs 40,000-level at Rs 40,340 per kg by gaining Rs 1,640. Silver coins also spurted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.