Weekly Market Report - Bullion Market

Bullion: Firming conditions developed on the bullion market during the past week as silver and gold rose smartly on increased buying by stockists and jewellers for the current marriage season demand.

While silver surged further by Rs 1,000 to Rs 45,800 per kg, gold added another Rs 115 to Rs 20,520 per 10 grams, on rising demand among industrial units and jewellery and coins manufacturers.

A firming trend in overseas markets, which normally sets price trend on the domestic front, further influenced the trading sentiment.

On the domestic front here, silver ready commenced the week higher on fresh buying support and rose further to cross the crucial Rs 46,000 level to Rs 46,100 per kg.

A fag-end selling at higher level, however, pulled down the prices only to reduce the gains.

The metal finished higher by Rs 1,000 to Rs 45,800 per kg. Similarly, silver weekly-based delivery shot up by Rs 980 to Rs 45,510 per kg, after touching Rs 45,715.

Silver coins followed suit and spurted by Rs 600 to Rs 50,300 for buying and Rs 50,400 for selling of 100 pieces.

In line with general trend, gold of 99.9 and 99.5 per cent purity rose by Rs 115 each to settle at Rs 20,520 and Rs 20,400 per 10 grams, respectively.

Sovereign too traded higher by Rs 100 to Rs 16,900 per piece of eight grams.