New Delhi: Gold prices rose by Rs 140 to one-week high of Rs 29,040 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 Rs 100 to Rs 56,500 per kg. Trading sentiment in gold bolstered after it rose by 0.1 percent to USD 1,642.80 an ounce in New York on 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 percent purity climbed Rs 140 each to Rs 29,040 and Rs 28,900 per 10 grams, respectively, a level last seen on April 13.
Sovereign also rose by Rs 50 to Rs 23,550 per piece of eight grams.
On the other hand, silver ready met with resistance and declined by Rs 100 to Rs 56,500 per kg while weekly-based delivery spurted by Rs 600 to Rs 56,900 per kg on buying by speculators.
Silver coins surged by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces on rising wedding season demand.