Weekly Market Report - Bullion

Bullion: Silver touching a record high of Rs 56,400 per kg, was the feature of trading in the bullion market during the past week.

Sustained buying by stockists driven by a firming global trend, where the metal surged to a 31-year high led to the uptrend in silver prices.  

However, the white metal met resistance and ended lower. 

On the other hand, gold remained in demand as investors bought the metal as a safe investment and retailers purchased for the coming marriage season, and ended in positive zone. 

In global markets, gold touched an all-time high of $1,448.60 an ounce after turmoil in Libya, radiation leaks from a damaged nuclear reactor in Japan and Europe’s lingering debt crisis spurred demand for an investment haven.

Silver rose to $38.18 an ounce, the highest since 1980.

On the domestic front, silver rose to an all-time high of Rs 56,400 per kg on brisk buying support before ending at Rs 55,700 per kg, showing a notable fall of Rs 2,750 as speculators indulged in booking profits at higher levels.

Similarly, the silver weekly-based delivery plunged by Rs 2,755 to Rs 55,430, after touching a highest level of Rs 56,100 per kg.

However, silver coins spurted by Rs 2,200 to Rs 59,500 for buying and Rs 60,000 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity, after a higher start at Rs 21,270 and Rs 21,150 per 10 gram, respectively, met with resistance and declined to close at Rs 21,135 and Rs 21,015 per 10 grams, respectively, still higher by Rs 85 each from the previous week's levels.

Sovereign remained unchanged at Rs 17,500 per piece of eight gram in restricted buying.