Bullion: A firming trend developed on the bullion market during the past week as both the precious metals, silver and gold, rallied and recorded significant rise on brisk buying by stockists and jewellers coupled with firming overseas trend.
Trading sentiment bolstered after gold climbed overseas, recording its biggest weekly advance since November 2009, as a sluggish US labour market signalled that interest rates will remain low, boosting the appeal of the precious metals' as an alternative investment.
In the global markets, the gold this week gained 4% to $1,546 an ounce and silver moved up by 8.4% to $36.54. The uptrend was further supported by pick-up in local buying due to ongoing marriage season.
On the domestic front, gold of 99.9 and 99.5% purity commenced higher and improved further on day-to-day buying by stockists and jewellers to end higher by Rs 750 each to Rs 22,570 and Rs 22,450 per 10 grams, respectively.
Sovereigns edged up by Rs 50 to Rs 18,700 per piece of eight grams in limited deals. Silver ready and weekly-based delivery opened lower but picked up on brisk buying by industrial units amid a firming global trend and both recorded a notable gain of Rs 3,200 to Rs 54,700 per kg each.
Silver coins also spurted by Rs 6,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.