Gold price posts weekly gain of Rs 430 per 10 gms

New Delhi – Both the precious metals, gold and silver, ended higher at the bullion market during the past week on fresh buying by stockists and retailers for the ongoing marriage season amid a firm global trend.

Marketmen said fresh buying by stockists and retailers for the ongoing marriage season mainly led to rise in both gold and silver prices.

They said a firm global trend after signs of low US inflation indicated Federal Reserve will have more room to maintain their USD 85 billion of monthly bond purchases, also boosted demand for the precious metals as safe haven.

Gold in New York, which normally sets price trend on the domestic front, gained 0.5 percent this week.

Tight stocks positions on falling imports of the precious metals in November, after a slew of measures taken by the government to narrow the current account deficit, was another supporting factor, they added.

In the national capital, gold of 99.9 and 99.5 percent purity commenced higher and strengthened further to Rs 31,150 and Rs 30,950 per ten grams, respectively, on fresh buying.

Later, it met with stockists selling and tumbled to Rs 30,700 and Rs 30,500 before closing at Rs 30,930 and Rs 30,730 per ten grams, respectively, showing a gains of Rs 430 each.

Sovereign also moved up by Rs 200 to Rs 25,300 per piece of eight gram.

Silver ready after moving between gains and losses on alternate bouts of buying and selling, ended higher by Rs 900 to Rs 44,400 per kg and weekly-based delivery by Rs 725 to Rs 44,775 per kg this week.

Silver coins spurted by Rs 3,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.