In brief five trading sessions, gold crossed the psychological level of Rs 26,000 for10 grams was the highlight of trading on the bullion market during the past week on brisk buying by stockists driven by a record rally in global markets.

However, at the fag-end it met with resistance at higher levels and declined from record Rs 26,490 levels to settle at Rs 26,100, still higher by Rs 1,330. Silver also gained Rs 500 to Rs 59,100 a kg in volatile trading. The market remained closed on Saturday on account of ’Rakshabandhan’

Trading sentiments in gold remained bullish as the metal in overseas markets surged to record levels at $ 1,817.60 an ounce on mounting sovereign debt in the US and Europe.

Investors shifting funds from weakening equity to rising bullion also supported the upsurge in the precious metals, traders said.

Some buying for the coming marriage season on fears of further hike in prices was another boosting factor for the gold, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity, opened on a higher note and surged to all-time high of Rs 26,490 and Rs 26,370 for 10 grams, respectively.

Subsequently, it met with resistance at existing higher levels and fell to end at Rs 26,100 and Rs 25,980, still showing a sharp rise of Rs 1,330 each.

In a similar fashion, sovereigns jumped up by Rs 1,400 to new peak level of Rs 21,000 a piece of eight grams.

Silver ready, in a volatile trade moved between Rs 59,900 and low of Rs 58,100 on alternate bouts of buying and selling, ended higher by Rs 500 to Rs 59,100 a kg. On the other hand, silver weekly-based delivery shed Rs 25 to Rs 58,350 a kg after touching a high of Rs 59,980.

Silver coins also spurted to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces against last close of Rs 64,000-64,500.

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