Gold, silver maintain upward trend on global cues, jewellers buying

Riding on positive global cues and pick-up in buying by local jewellers, gold continued its upward journey with prices spurting by Rs 350 to Rs 31,900 per kg at the bullion market during the week. Silver followed suit and recorded notable gains backed by increased offtake by industrial units and coin makers.

Market was closed on Tuesday on account of 'Gandhi Jayanti'. Bullion traders said sentiments were upbeat on positive global cues, as demand picked up after the US and Canada reached an agreement to salvage a North American free trade deal.

Besides, the rupee collapsing to a fresh life-time low of 74.23 against the dollar (intra-day), making imports costlier, too supported the upside in gold prices, they added. Globally, gold ended the week higher at USD 1,202.70 an ounce and silver at USD 14.63 an ounce in New York.

Increased buying by local jewellers at domestic spot market too supported the upmove.

In the national capital, gold of 99.9 and 99.5 per cent purity after commencing the week lower regained its sheen largely in sync with positive global cues and day-to-day increased buying by local jewellers, touching a high of Rs 32,030 and Rs 31,880, respectively before settling at Rs 31,900 and Rs 31,750 per 10 grams, showing a hefty rise of Rs 350 each.

Sovereign also showed some strength and ended Rs 100 at at Rs 24,600 per piece of eight gram. Silver ready and weekly-based delivery ended the week higher by Rs 700 each at Rs 39,800 per kg and Rs 39,275 per kg, respectively.

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On the other hand, silver coins moved in a narrow range in scattered deals and pegged at last level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces