Weekly Market Report - Bullion Market
Bullion: It was a topsy-turvy ride for the precious metals at the bullion market on the back of instability in Egypt, though silver came as a clear winner maintaining its surge, while gold gained some of its lost ground during the week under review.
Silver continued its rally throughout the week driven by strong investment buying as well as industrial support though it discounted some of its gains with mild profit-taking during the middle of the week.
The yellow metal traded mostly range bound due to geo- political situations in overseas, as speculators shied away from taking positions due to volatility in global markets.
It attracted hectic low level buying by jewellery makers on account of marriage seasons during fag-end trade.
On the International front, both the precious metals, mainly gold witnessed a roller-coaster ride on burgeoning Egypt crisis, positive global economic outlook and strong dollar.
But, demand from Asia led yellow metal prices to settle higher. However silver traded mostly strong during the week on investment buying. In New York, gold for April delivery were quoted higher at $1,349 an ounce.
Silver for March delivery ended higher at $29.06, as against $27.92 previously.