New Delhi: Gold prices rose by Rs140 to one-week high of Rs29,040 per 10 grams in the bullion market here on Saturday on increased buying by stockists and retailers to meet the wedding season demand amid a firming global trend.
Silver, however, lacked necessary buying support and shed Rs100 to Rs56,500 per kg.
Trading sentiment in gold bolstered after it rose by 0.1% to $1,642.80 an ounce in New York Friday night as dollar’s decline spurred the demand for the precious metal as an alternative asset.
Increased buying by stockists and retailers to meet the demand for the ongoing marriage season further supported the uptrend in gold prices, traders said.
On the domestic front, gold of 99.9 and 99.5% purity climbed Rs140 each to Rs29,040 and Rs28,900 per 10 grams, respectively, a level last seen on 13 April.
Sovereign also rose by Rs50 to Rs23,550 per piece of eight grams.
On the other hand, silver ready met with resistance and declined by Rs100 to Rs56,500 per kg while weekly-based delivery spurted by Rs600 to Rs56,900 per kg on buying by speculators.
Silver coins surged by Rs1,000 to Rs64,000 for buying and Rs65,000 for selling of 100 pieces on rising wedding season demand.