New Delhi: Gold extended gains for the second straight week and closed with a rise of Rs 50 at Rs 30,450 per 10 grams at the bullion market, mainly on positive global cues and increased buying by local jewellers. Silver too topped the Rs 40,000-level on increased offtake by industrial units and coin makers. Bullion traders said besides a firm trend overseas as the weakness in the dollar raised demand for the precious metals as a safe haven, increased buying by local jewelers at domestic spot market, mainly kept the precious metals' prices higher.
Globally, gold ended higher at $1,318.80 an ounce and silver at $17.16 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week steady at Rs 30,450 and Rs 30,300 per ten grams on some support.
Later, it met with resistance and slipped to 30,365 and Rs 30,215 per ten grams, respectively but bounced back to Rs 30,500 and Rs 30,350 on the back of positive global cues before ending at Rs 30,450 and Rs 30,300 per ten grams respectively, showing a gain of Rs 50 each. Sovereign however, moved in a narrow range through the first week of 2018 in limited deals and settled at last level of Rs 24,700 per piece of eight gram. In volatile movements on alternate bouts of buying or selling, silver ready ended the week higher by Rs 20 to Rs 40,000 per kg and weekly-based delivery gained Rs 30 to Rs 39,250 per kg. On the other hand, silver coins moved in a narrow range in limited deals and settled at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
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