Bullion: Riding on a firm trend overseas and increased

buying by jewellers at domestic market, gold prices extended gains for the second straight week at the bullion market during the week.

Traders said sentiment remained firm on the back of positive global cues as political uncertainty led investors to shun riskier assets in favour of bullion, increased buying by local jewellers, mainly attributed to the rise in the precious metal's prices.

The yellow-metal gained 2.76 per cent or Rs 780, while, white-metal silver too gained 4.49 per cent or Rs 1,750 in two-weeks.

Elsewhere, silver also rebounded sharply to close above the significant Rs 40,000 mark due to heavy speculative buying coupled with higher industrial demand.

In worldwide trade, Gold closed at its highest level of the month, lifting prices for a third week in a row as a fresh round of geopolitical jitters offset expectations for higher US interest rates, which would otherwise be bearish for gold prices.

Investors were watching North Korea, this weekend s Group of Seven meeting, the coming UK elections, and developments surrounding the Trump administration all helping to boost gold s appeal as a hedge against uncertainty.

Gold is used as an alternative investment during times of political and financial uncertainty.

Gold posted a gain of about 1.2 per cent for the week, they re third weekly advance in a row, while silver was up around 3.1 per cent for the week. (MORE)

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)