Gold Price Is Riding on positive global cues

New Delhi-India (Mar 18)  Increased buying by jewellers at the domestic market to meet ongoing wedding season demand, gold and silver registered its first weekly rise in their prices at the bullion market during the week.

Market remained closed on Monday on the account of 'Holi'.

Bullion traders said sentiment got a boost after gold climbed in global markets as weakness in the dollar raised appeal of precious metals as a safe-haven.

Silver followed suit and reclaimed the crucial Rs 41,000-mark per kg due to increased offtake by industrial units and coin makers.

In worldwide trade, gold futures ended higher, helping the yellow metal record its highest weekly climb since early February, as weakness in the US dollar, following Wednesday s Federal Reserve decision, provided a runway for gains.

Gold gained about 2.4 per cent for the week, which was the strongest such gain since the week ended Feb 3.

Gold s sister metal, silver also settle for a weekly gain of 2.9 per cent its best since early January.

Source: DNA