Gold withered sheen on profit-selling, while silver extended its gains at the domestic bullion market during the week under review.

The yellow metal commenced the week on a lacklustre note but managed to maintained the momentum for couple of days on stray buying interest from local retailers, before facing a massive sell-off spooked by global crash.

However, attractive lower level buying by investors and traders along with jewellery offtake towards the fag-end helped to recover some of its losses.

The industrial metal, silver continuing its rallying momentum successfully retouched the Rs 60,000-mark level for the first time since 2011, on the back of frantic speculative off-take amidst industrial support, but encountered downfall on global unwinding. However, it recovered and witnessed some week-end profit-taking.

On the international front, both the precious metals climbed to multi-month highs against the backdrop of weak dollar and heavy speculative buy-out amidst ahead of ECB’s massive fund injection programme for euro-zone as well as Fed meet.

However, things changed following Federal Chairman Mr Ben Bernanke testimony on improvement of US economy indicating no further quantitative easing, turning the tide for precious metals incurring huge unwinding.

In New York, gold for April delivery plunged to $1,709.80 an ounce from previous weekend level of $1,776.40.

Silver for May delivery closed at $34.56 against the March contract of $35.34 an ounce.

Standard gold (99.5 purity) resumed marginally higher at Rs 28,520 and traded in a range of Rs 28,650 and Rs 27,680 before ending at Rs 27,840 from preceding weekend’s level of Rs 28,510, showing a fall of Rs 670, or 2.35 per cent per ten grams.

Pure gold (99.9 purity) also opened better at Rs 28,650 and hovered between Rs 28,785 and Rs 27,810 before closing at Rs 27,955 from previous weekend level of Rs 28,640, disclosing a loss of Rs 685, or 2.39 per cent per 10 grams.

Silver ready (.999 fineness) resumed smart at Rs 58,455 and touched a high of Rs 60,820 and a low of Rs 58,140 before concluding at Rs 58,590 from last Saturday’s closing level of Rs 58,115 showing a rise of Rs 475 per kg.

Standard gold (99.5 purity) resumed marginally higher at Rs 28,520 and traded in a range of Rs 28,650 and Rs 27,680 before ending at Rs 27,840 from preceding weekend’s level of Rs 28,510, showing a fall of Rs 670, or 2.35 per cent per ten grams.

Pure gold (99.9 purity) also opened better at Rs 28,650 and hovered between Rs 28,785 and Rs 27,810 before closing at Rs 27,955 from previous weekend level of Rs 28,640, disclosing a loss of Rs 685, or 2.39 per cent per 10 grams.

Silver ready (.999 fineness) resumed smart at Rs 58,455 and touched a high of Rs 60,820 and a low of Rs 58,140 before concluding at Rs 58,590 from last Saturday’s closing level of Rs 58,115 showing a rise of Rs 475 per kg.

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