Bullion: Gold prices recovered at the bullion market

Bullion: Gold prices recovered at the bullion market during the week on increased buying by jewellers to meet retailers demand driven by festive season at domestic spot market amid a firming global trend. Silver, however, finished lower on reduced offtake by industrial units and coin makers.

Bullion traders said increased buying by jewellers to meet festive season demand from retailers amid a firm global trend mainly led to recovery in gold prices. In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at Rs 31,050 and Rs 30,900 and climbed to 30-month high of Rs 31,550 and Rs 31,400 per 10 gram respectively on global cues, a level last seen on February 26, 2014.

Later, it met with resistance at prevailing levels and slipped to close at Rs 31,150 and Rs 31,000 per 10 gram respectively, still showing a rise of 150 each. Sovereign, also went up by Rs 100 to Rs 24,400 per piece of eight gram. In volatile movements on alternate bouts of buying or selling, silver ready ended the week lower by Rs 100 to Rs 45,800 per kg.

Silver week-based delivery, however, recaptured the Rs 46,000-mark by surging Rs 715 to closed at Rs 46,195 per kg on speculative buying. On the other hand, silver coins, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.