Weekly Market Review - Bullion Report

Bullion: Both the precious metals scaling to record high levels was the feature of trading in the bullion market during the past week on rising seasonal demand and strong rally in overseas markets following unrest in Libya. 

While silver crossed the psychological level of Rs 50,000 per kg, gold surged to an all-time high of Rs 21,240 per 10 grams. 

Trading sentiments remained bullish on hectic buying by stockists and retail customers for the ongoing marriage season and sharp rise in gold and silver prices in overseas markets after unrest in Libya and Middle East, traders said.  

General investors shifting their funds from melting stock markets to rising bullion, further influenced the market sentiments, they added.

In the national capital, silver commenced higher on fresh buying support and day-to-day constant buying in line with a rally in global market where it climbed to 31-year high and surged to all time high level of Rs 50,500 per kg before ending at Rs 50,250 per kg, showing a significant jump of Rs 1,550.

Silver weekly-based delivery followed suit and spurted by Rs 1,125 to Rs 49,670 per kg, after touching a highest level of Rs 50,650.

However, silver coins met with resistance at higher level and finished lower by Rs 1,500 to Rs 54,500 for buying and Rs 54,600 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity opened with strength on pick up in demand seasonal demand and zoomed to life-time high level of Rs 21,240 and Rs 21,110 on firm global trends due to tension in Libya and Middle East before ended at Rs 21,170 and Rs 21,050 per 10 grams, showing a sharp rise of Rs 425 and Rs 415, respectively.

Sovereign, too shot up by Rs 250 to Rs 17,200 per piece of eight grams.