Weekly market report: bullion

Bullion: The precious metals continue to rule bullish for the third week in row and silver remained a leader with hefty substantial gains during the week under review.

The white metal, silver surpassed its previous record high and came nearer to Rs 48,000-mark at the fag-end trade on heavy speculative and investment buying driven by the global buoyancy.

Firm industrial demand also gave support to the market.

Gold witnessed some volatility and traded lacklustre at the domestic market in the absence of major stockists buying though it got support from mainly local buying interest and jewellery makers due to marriage seasonal offtake. 

The bullion market was closed today on account of 'Chhatrapati Shivaji Maharaj Jayanti' holiday. 

In global trade, the precious metals generally wavered throughout the week, but fall-out of Egypt crisis spreading to other Middle East countries which fueled safe-haven buying resulting gold climbing a five-week high and silver touching a fresh 31-year high with strong industrial and investment buying spree. 

In New York, gold for April delivery hardened to close at $1,388.60 from last weekend's level of $1,360.40.

Silver for March delivery also ended strong at $32.30, as against $29.99 previously.

Turning to domestic market, silver ready (.999 fineness) resumed lower at Rs 45,950, but later zoomed to end at a new peak of Rs 47,980 from preceding weekend's level of Rs 46,000, showing sharp gain of Rs 1,980 or 4.30 per cent per kilo. 

Standard gold (99.5 purity) opened lower at Rs 20,180 and declined further to a low of Rs 20,155 before recovering to finish at Rs 20,430 from previous weekend's level of Rs 20,215, showing a rise of Rs 215 or 1.06 per cent per ten grams.

Pure gold (99.9 purity) resumed weak at Rs 20,285 and moved down further to Rs 20,260, but later shot up to close at Rs 20,535 from last weekend's level of Rs 20,315, disclosing a gain of Rs 220 or 1.08 per cent per ten grams.