Gold prices up on stockists buying, silver ends low

PTI Posted online: Saturday, Jan 25, 2014 at 0000 hrs
Gold prices moved up on the bullion market during the past week following increased buying by stockists for the ongoing marriage season supported by a firming global trend.

However, silver ended lower on lack of buying support from industrial units and coin makers.

Marketmen said increased buying by stockists for the ongoing marriage season and a firming overseas trend as declines in global equities spurred demand for the metals as an alternative investment, mainly led to rise in gold prices.

Gold in New York, which normally sets the price trend on the domestic front, climbed one per cent at USD 1,264.50 an ounce this week.

Besides, weak rupee against the American currency which make the import of the dollar-priced precious metals costlier further influenced the sentiment, they said.

The rupee had close at two-month low of 62.66 against the US currency.

In the national capital, gold of 99.9 and 99.5 per cent purity after a better start, climbed to close at 30,500 and Rs 30,300 per 10 grams, respectively, showing a gains of Rs 320 each. Sovereigns followed suit and went up by Rs 150 to Rs 25,150 per piece of eight grams.

In volatile movements, silver ready lost Rs 200 at Rs 45,000 per kg and weekly based delivery by Rs 445 at Rs 44,690 per kg this week.

Silver coins,however, held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.