Weekly Market Report - Bullion

Bullion: The precious metals moved in line with international markets trend and recovered at the bullion market during the week under review.

The industrial metal, silver attracted better buying interest than yellow metal and jumped to hit a new historic milestone on the back heavy demand by speculators and investors during the middle of the week.

However, it faced profit-taking towards the fag-end eroding some gains.

Gold showed mostly lacklustre trade throughout the week aided mostly by modest local buying, though it also witnessed stockist offering during end of the week.

In overseas market, the precious metals recovered, though it wavered due to stronger dollar, but the risk aversion buying due to resurfacing of euro-zone debt crises and the prolonged conflict situation in Libya and Middle East crises as well as Japanese nuclear situation pushed the yellow metal to a fresh highs and silver to a new three decade peak. 

In New York, gold for April delivery rose to end at $1,426.20 from last weekend's level of $1,416.10. Silver for May delivery surged to $37.05 as against $35.06 previously.