Gold prices rose today by Rs 140 to a one-week high of Rs 29,040 per 10 grams in the bullion market on increased buying by stockists and retailers to meet the wedding season demand amid a firming global trend.
Demand to meet needs for Akshaya Tritiya, a gold-buy festival which falls on April 24, this year, is also pulling gold prices higher, said analysts.
Silver, however, lacked necessary buying support and shed Rs 100 to trade at Rs 56,500 per kg.
Trading sentiment in gold bolstered after it rose by 0.1% to $1,642.80 an ounce in New York Friday as dollar's decline spurred the demand for the precious metal as an alternative asset.
On the domestic front, gold of 99.9 and 99.5% purity climbed Rs 140 each to Rs 29,040 and Rs 28,900 per 10 grams, respectively, a level last seen on April 13.
Sovereign also rose by Rs 50 to Rs 23,550 per piece of eight grams.
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