Bullion: Gold maintained its glitter for yet another week at the bullion market and recorded a rise of Rs 175 to Rs 31,250 per 10 gram on persistent buying by jewellers to meet retailers demand driven by festive season at domestic spot market amid a firming global trend. Silver, however, cracked below Rs 46,000 on reduced offtake by industrial units and coin makers.
Markets remained closed on Monday for 'Independence Day' and Thursday for 'Raksha Bandhan'. Bullion traders said increased buying by jewellers to meet festive season demand from retailers amid a firm global trend mainly kept precious metal prices higher.
Globally, the precious metal gained 0.2 per cent during the period. In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at Rs 31,130 and Rs 30,980 and advanced to closed at Rs 31,250 and Rs 31,100 per 10 gram respectively, showing a rise of Rs 175 each.
Sovereign, however, moved in a narrow range in scattered deals and settled flat at Rs 23,400 per piece of eight gram. In volatile movements on alternate bouts of buying or selling, silver ready ended the week below Rs 46,000 by losing Rs 525 at Rs 45,975 per kg. Silver week-based delivery closed lower by Rs 680 to Rs 45,445 per kg. Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.