New Delhi: Gold prices recovered to close higher at the bullion market during the week on emergence of buying by jewellers and retailers amid ongoing festive and wedding season demand but fag-end selling on the back of global cues trimmed gains.
Silver, however, ended lower due to reduced offtake by industrial units and coin makers.
Bullion merchants attributed the rebound in gold prices to emergence of buying by jewellers and retailers driven by ongoing "Navratras", considered as an auspicious week for making new purchases.
Besides, beginning of wedding season too influenced prices of precious metals, they said.
In the national capital, gold of 99.9 and 99.5 percent purity commenced lower at Rs 26,850 and Rs 26,650 per 10 gram on subdued demand due to inauspicious 'Sharad' period.
Subsequently, buying emerged and it bounced back to touch the week's high of Rs 27,550 and Rs 27,350 on seasonal demand before ending at Rs 27,230 and Rs 27,030 per 10 gram, respectively, showing a gain of Rs 260 each.
Sovereign moved in a narrow range in the absence of worthwhile buying activity and settled at last level of Rs 24,200 per piece of eight gram.
On the other hand, in volatile movements on alternate bouts of buying and selling, silver ready closed down by Rs 90 to Rs 39,535 per kg and weekly-based delivery by Rs 530 to Rs 39,170 per kg.
Silver coins also dropped by Rs 1,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
