Gold recovers on jewellers' buying

Bullion: Gold staged a fag-end recovery to finish higher at Rs 30,700 per 10 grams at the bullion market during the week on the back of brisk buying by local jewellers to meet festive season demand, shrugging off a weak trend overseas.

However, silver ended lower in volatile trade.

Traders attributed the recovery in gold prices to pick-up in buying by local jewellers to meet festive season demand at domestic spot market but a weak trend overseas capped the rise.

Globally, gold ended the week tad lower at USD 1,211.20 an ounce and silver at USD 15.28 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week slightly higher at Rs 30,585 and Rs 30,435 per 10 grams respectively on scattered buying support.

Later, it met with some resistance at prevailing levels amid weak trend overseas and slipped to Rs 30,520 and Rs 30,370 before ending at Rs 30,700 and Rs 30,550 per ten grams respectively, showing a rise of Rs 150 each.

On the other side, sovereign moved in a narrow range in limited deals and settled at the previous level of Rs 24,600 per piece of eight gram.

In volatile movements on alternate bouts of buying or selling, silver ready ended the week down by Rs 100 to Rs 39,000 per kg and weekly-based delivery by Rs 105 to Rs 37,965 per kg.

Silver coins, however, spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.