Gold prices up on wedding season buying; silver loses sheen

Persistent buying by jewellers and retailers to meet the wedding season demand pushed gold prices higher by Rs 140 to Rs 33,300 per 10 gram at the close of the week. In contrast, silver prices drifted lower due to reduced offtake by coin makers and consuming units.

Overcoming a mixed sentiment from global markets, gold prices climbed on account of favourable domestic cues like wedding season demand from local jewellers as well as retailers. Globally, gold rose by USD 1,284.30 an ounce as against the previous week's USD 1,282.30 an ounce. Silver too advanced to USD 15.46 an ounce from USD 15.41.

Market remained shut on Saturday on account of "Republic Day". In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week higher at Rs 33,200 and Rs 33,050 per 10 gram, respectively. Both varieties of the precious metal advanced to a high of Rs 33,325 and Rs 32,175, respectively, during the mid-week.

However, lack of necessary buying support at higher levels, gold prices of 99.9 per cent and 99.5 per cent purity slipped marginally to end the week at Rs 33,300 and Rs 33,150 per 10 gram, still showing a rise of Rs 140.

Sovereign, however, moved in a narrow range through the week and pegged at the last level of Rs 25,500 per piece of 8 gram. On the other hand, in restricted activity, silver ready ended Rs 50 lower at Rs 40,050 per kg after shuttling between Rs 40,160 and Rs 39,850. Silver weekly-based in likewise manners ended lower by Rs 162 at Rs 39,036 per kg.

Silver coins, however, managed to end flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.