Precious metals decline, bullish advise

Mumbai, Nov 18: Precious metals declined owing to thin buying support as Silver slumping by Rs 821 per kg and standard Gold by Rs 561 per ten gm, during the week ended November 17 on the Bombay Bullion Exchange.

Silver .999 fineness grade opened downward on Monday last at Rs 19,880 per kg because of poor buying support from domestic industrial users.

The white metal recorded a high of Rs 19,890 on November 12 and a low of Rs 19,300 per kg on Novermber 17 and closed at Rs 19,300 with a massive loss of Rs 821 from its last weekend close, traders said.

In the global market, silver closed at USD 14.50/14.55 per troy ounce during the week ended November 16 as compared to the previous weekend close of USD 14.38/14.40 per troy ounce.

Standard mint gold (99.5 fineness) opened low on Monday last at Rs 10,420 per ten gm follwed by pure gold (99.9 fineness) at Rs 10,470 per ten gm on sustain heavy selling pressure from ornament makers.

The yellow metal registered a high of Rs 10,410 on Novermber 12 for standard gold and Rs 10,460 for pure gold on the same day.

Standard gold recorded a low of Rs 10,050 on November 17.

Likewise, pure gold also registered a low of Rs 10,100 per ten gm on the same day.

Finally, standard gold closed at Rs 10,050 with a massive loss of Rs 561 and pure gold closed at Rs 10,100 with hopping loss of Rs 541 from their last week close.

Meanwhile, in London, gold was USD 790.50/792.00 per troy ounce during the week ended Novermber 16 as compared to the previous week's close of USD 792.50/794.00, traders added.

UNI