Mumbai: Extending its gains for the second-straight week, gold prices advanced by a modest gain of Rs 5 to close at Rs 29,995 per ten grams -- a mild offtake by jewellers, driven by the ongoing festive season amid supportive global cues.
The yellow metal witnessed some token buying though failed to take-off widely on the Dhanteras which is considered 'auspicious' by Hindus.
On a weekly basis, the yellow-metal gained 0.81 per cent to end at Rs 29,995 in two-weeks. Silver rebounded from its last week fall to close above the significant Rs 43,000 mark due to speculative buying coupled with higher industrial demand.
In worldwide trade, gold futures finished higher logging a third consecutive weekly gain and their highest close in nearly four weeks. Futures had traded lower before and in the immediate wake of data showing the US economy in the third quarter grew at its fastest pace in two years in line with market expectations.
A strong GDP reading for the world's biggest economy would strengthen the case for a rate increase this year, making non-yielding assets such as gold less attractive while boosting the dollar and the US treasuries.
New York Gold ended the week with a gain of roughly 0.7 per cent the third weekly gain in a row. It remain down around 3 per cent in the month to date. While, silver too saw a 1.7 per cent weekly gain but remained down by more than 7 per cent so far in October.
