Bullion: Gold extended gains for the third straight week

and recaptured the Rs 30,000-mark at the bullion market as local jewellers continued their buying activity to meet ongoing wedding season demand amid positive trend in global markets.

On the other hand, silver slipped below the Rs 43,000- mark by plunging Rs 1,300 to Rs 41,700 per kg due to reduced offtake by industrial units and coin makers.

Traders said, increased buying by local jewellers, powered by ongoing wedding season, mainly attributed the rise in gold prices.

Globally, gold ended at USD 1,283.90 an ounce, after touching a high of USD 1,289.00 and low of 1,278.90 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower at Rs 29,900 and Rs 29,750 and slipped further to Rs 29,800 and Rs 29,650 per ten grams, respectively on muted demand.

However, emergence of buying towards the fag-end in step with positive global cues, it bounced back to close at over six-week high of Rs 30,000 and Rs 29,850 per ten grams respectively, showing a rise of Rs 50 each.

Sovereign, however, moved in a narrow range in scattered deals throughout the week and settled at previous level of Rs 24,500 per piece of eight gram.

Silver ready and weekly-based delivery ended the week lower by Rs 1,300 each to Rs 41,700 and Rs 41,270 per kg, respectively.

Silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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