Silver gains, gold loses during week

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Mumbai, Apr 5: The bullion market witnessed a mixed trend during the week with silver rising by Rs 250 per kg while gold dropping by Rs 210 per ten gms.

Barring Tuesday last, silver maintained an upward trend during the week. On Monday last, the first day of the session, silver quoted at Rs 23,625 per kg and crashed by Rs 985 on Tuesday to close at Rs 22,640. But, all through Wednesday to Saturday, silver continued to rise.

Till Friday, silver had risen by Rs 595. On Saturday, silver took a big leap of Rs 400 to finish at Rs 23,665, up Rs 250 from the last week's close, due to speculative buying, traders said. This was the white metal's high during the week while it had registered its low at Rs 22,640 on April 1.

In the global markets, silver quoted at USD 17.40/17.41 per troy ounce during the week ended April 4 as compared to the previous weekend's close of USD 18.25/18.26 per troy ounce.

As regards the yellow metal, gold quoted at Rs 12,125 on Monday.

The next two days saw the yellow metal dipping owing to sluggish demand from industrial users. But, thereafter, it showed an upward trend and yet ended the week with a loss of Rs 210 over the previous week's close.

On Tuesday, gold closed at Rs 11,685 -- Rs 440 less from its previous close. Next day, it slid further and finished at Rs 11,560. From Thursday, its north bound journey started. On Thursday, gold rose by Rs 75. On Friday, gold rose by Rs 105 and closed at Rs 11,740. On Saturday, it rose by Rs 90 and closed at Rs 11,830. Finally, both standard and pure gold closed at Rs 11,830 and Rs 11,885 respectively, with a loss of Rs 210 for standard gold and Rs 220 for pure gold from last week's close.

The yellow metal recorded its high at Rs 12,125 on March 31 and a low at Rs 11,560 on April 2.

Meanwhile, in London, gold recorded at USD 904.00/905.50 per troy ounce during the week ended April 4, as compared to the previous week's close of USD 940.00/941.50.


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