Gold, silver prices swing between high and low

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Mumbai, Mar 8 (UNI) The prices of precious metals swung between high and low during the week at the bullion market.

Gold closed at another new high of Rs 12,855 per ten gm and silver reached at Rs 24,790 per kg in the domestic market on March 7 on strong global advice, traders at the Bombay Bullion Association (BBA) said.

Some of the investors parked their funds in the bullion market as a safe investment following uncertainty in the equity market, traders said.

On Monday, the first day of the week, gold closed at Rs 12,745 and on Tuesday, it rose by Rs 60 and closed at Rs 12,805 and on the next day it slashed by Rs 220 to finish at Rs 12,585. The reason behind this was that the dollar gained ground against the Euro and the crude oil prices which slightly declined, leading to the downward trend.

On Thursday, there was no trading on account of 'Mahashivratri'.

On Friday, it rose by Rs 270 and closed at Rs 12,855. This was a new peak. On Saturday, again it dropped by Rs 75 and closed at Rs 12,780.

Standard gold recorded a low of Rs 12,585 on March 5, while pure gold was quoted low at Rs 12,635 per ten gm on the same day.

Finally, both standard and pure gold closed at Rs 12,780 and Rs 12,835 respectively, with a smart gain of Rs 215 each from their last week's close.

Meanwhile, in London, gold rose to USD 981.00/982.50 per troy ounce during the week ended March 7, as compared to the previous week's close of USD 970.00/971.50, traders added.

On Monday, at closing, silver was quoted at Rs 24,570 and on Tuesday, the white metal hiked by Rs 80 and on Wednesday it again crashed by Rs 550 to close at Rs 24,100 following the dollar gaining ground against the Euro and crude oil prices also slightly declining.

On Friday, silver reached at Rs 24,790 an all time high. And today, on the last day of the week, it fell by Rs 10 to close at Rs 24,780.

Silver (.999) fineness grade opened high at Rs 24,515 per kg last Monday on better buying support from domestic industrial users. It recorded a high of Rs 24,790 on March 7 and low of Rs 24,100 on March 5 and closed at Rs 24,780 with a whopping gain of Rs 760 from its last weekend's close, traders said.

In the global markets, silver moved up and closed at USD 20.17/20.18 per troy ounce during the week ended March 7 as compared to the previous weekend's close of USD 19.60/19.62 per troy ounce.


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