Gold prices advanced by Rs 100 to end at Rs 31,550 per 10 gram at bullion market

Bullion: Gold prices during the week advanced by Rs 100 to end at Rs 31,550 per 10 gram at the bullion market on the back of increased buying by local jewelers despite weak global cues.

Silver followed suit and recaptured the Rs 39,000-mark due to increased offtake by industrial units and coin makers.

Traders said persistent buying by local jewelers at domestic spot market mainly kept gold prices higher but a weak trend overseas capped the rise.

In the global market, gold ended the week shade lower at USD 1,192.20 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 percent purity commenced the week higher and advanced to Rs 31,725 and Rs 31,575 per 10 gram on fresh buying by local jewelers along with a firm trend overseas.

Later, it met with resistance at higher levels and slipped to Rs 31,300 and Rs 31,150 before bouncing back at the fag-end on firm trend overseas and settled at Rs 31,550 and Rs 31,400 per 10 gram 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 24,500 per piece of 8 gram.

Following gold, silver ready ended the week higher by Rs 950 to Rs 39,100 per kg and weekly-based delivery by Rs 985 to Rs 38,575 per kg.

Silver coins, too, spurted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.