Wedding season demand pushes up gold prices, silver loses sheen

In Delhi, gold of 99.9 per cent and 99.5 per cent purity commenced the week higher at ₹33,200 and ₹33,050 per 10 gram, respectively.

Persistent buying by jewellers and retailers to meet the wedding season demand pushed gold prices higher by ₹140 to ₹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.

Persistent buying by jewellers and retailers to meet the wedding season demand pushed gold prices higher by ₹140 to ₹33,300 per 10 gram at the close of the week. (Reuters File Photo)

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 ₹33,200 and ₹33,050 per 10 gram, respectively. Both varieties of the precious metal advanced to a high of ₹33,325 and ₹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 ₹33,300 and ₹33,150 per 10 gram, still showing a rise of ₹140.

Sovereign, however, moved in a narrow range through the week and pegged at the last level of ₹25,500 per piece of 8 gram.

On the other hand, in restricted activity, silver ready ended ₹50 lower at ₹40,050 per kg after shuttling between ₹40,160 and ₹39,850. Silver weekly-based in likewise manners ended lower by ₹162 at ₹39,036 per kg.

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