Gold maintained upward march for another week to stay above Rs 31,000 mark

Riding on a firm trend overseas and increased buying by local jewellers, gold maintained its upward march for yet another week and recaptured the Rs 31,000-mark at the bullion market.

Silver too topped the Rs 40,000-level on increased offtake by industrial units and coin makers.
 

Market remained closed on Tuesday as traders observed a 'Delhi trade bandh'.

The Confederation of All India Traders (CAIT) had called for a bandh to protest against ongoing sealing of business establishments in the city.

Market were also shut on Friday on account of Republic Day.

Bullion traders said apart from a firm trend overseas as the weakness in the dollar which dropped to a three year low raised demand for the precious metals as a safe haven, increased buying by local jewellers to meet the wedding season demand at domestic spot market, mainly buoyed sentiment.

Globally, gold ended higher at USD 1,349.30 an ounce and silver at USD 17.38 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher and day-to-day increased buying in tandem with a firm trend overseas reclaimed the Rs 31,000-mark to touch a high of Rs 31,450 and Rs 31,300 before ending at Rs 31,200 and Rs 31,050 per ten grams respectively, showing a rise of Rs 350 each.

Sovereign, however, moved in a narrow range throughout the period and ended flat at Rs 24,800 per piece of eight gram.

In volatile movements on alternate bouts of buying or selling, silver ready ended the week higher by Rs 750 to Rs 40,650 per kg, while weekly-based delivery closed higher by Rs 1,090 to Rs 39,960 per kg.

Silver coins too spurted by Rs 1,000 at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.