Bullion: Riding on positive global cues and pick up in buying by local jewellers.

Mumbai-India (Aproil 8)  Gold recovered to close higher at Rs 29,300 per 10 grams at the bullion market during the week. However, silver slipped below the Rs 42,000-mark by falling Rs 900 to Rs 41,750 per kg on poor offtake by industrial units.

Market remained closed on Tuesday on account of "Ram Navami".

Bullion traders said a firm trend overseas where gold rallied to the highest in almost five months after the US launched missile strikes on Syria, fanning geo-political concerns and raising demand for the precious metal as a safe haven, mainly led to the rise in gold prices.

Globally, gold ended higher at USD 1,253.80 an ounce in New York.

Besides, increased buying by local jewellers at domestic spot markets to meet upcoming wedding season demand also supported the upside, they added.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher and advanced to Rs 29,400 and Rs 29,250 per 10 grams respectively on firm global cues.

Later, it met with resistance at prevailing higher levels and slipped to Rs 29,275 and Rs 29,125 before ending at Rs 29,300 and Rs 29,150 per 10 grams respectively, showing a moderate rise of Rs 50 each.

Sovereign, however, moved in a narrow range in scattered deals throughout the week and settled at previous level of Rs 24,400 per piece of eight gram.

In volatile movements, silver ready ended the week lower by Rs 900 to Rs 41,750 per kg and weekly-based delivery closed down by Rs 950 to Rs 41,380 per kg.

Silver coins remained unaltered at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

Source: DNA