Gold maintained an upward trend for second week

Mumbai: Gold maintained an upward trend for the second straight week to close at Rs 29,150 per 10 grams at the bullion market, tracking a firming trend overseas amid increased buying by local jewellers.

Silver also regained the Rs 39,000-mark on increased offtake by industrial units and coin makers. Traders said apart from a firming trend overseas, increased buying by local jewellers to meet ensuing festive season demand at the domestic spot market, mainly kept gold prices higher.

Globally, gold ended the week higher at USD 1,254.50 an ounce and silver at USD 16.50 an ounce in New York. Meanwhile, the country’s gold imports more than doubled to USD 11.25 billion during the first quarter of this fiscal, driven by seasonal and festival demand.

Gold imports stood at USD 4.90 billion in April-June 2016-17, according to the data of the commerce ministry. In the national capital, gold of 99.9 and 99.5 per cent purity commenced lower at Rs 28,950 and Rs 28,800 per 10 grams respectively on muted demand.

Later, it regained its sheen in tandem with a firm trend overseas and increased buying by local jewellers to end at Rs 29,150 and Rs 29,000 per 10 grams respectively, showing a rise of Rs 100 each.

Sovereign, however, moved in a narrow range in limited deals and pegged at last level of Rs 24,400 per piece of eight gram. Silver ready also ended the week higher by Rs 1,350 to Rs 39,350 per kg and weekly-based delivery finished higher by Rs 1,150 to Rs 38,150 per kg.

Silver coins too spurted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.