Silver, Gold nosedive on weak global advices

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Mumbai, May 4: Both the precious metals fell during the week ended May 3 due to bearish trend in global markets, with Silver easing by Rs 290 per kg at Rs 22,555 per kg and gold by Rs 245 per ten gm at Rs 11,305 per ten gm, traders at the Bombay Bullion Association said.

In silver, a fluctuation was seen in a wide range throughout the week. On Monday, silver resumed high at Rs 23,015 per kg with a modest gain of Rs 170 from its last close. From Tuesday to Friday, the value of the white metal started falling because of sustained heavy selling by stockists. Again on Saturday, it recovered slightly on renewed demand by local ornament makers.

On Tuesday, silver edged down by Rs 65 and finished at Rs 22,935 per kg. Between Wednesday and Friday, it slumped by Rs 220 and Rs 385 respectively and on Friday it closed at Rs 22,330. However, on Saturday, it recovered by Rs 225 and closed at Rs 22,555 per kg due to brisk buying by local dealers.

However, the white metal prices plummeted by Rs 290 and ended low at Rs 22,845 per kg on week-ended Saturday from its last weekend's close.

Silver closed at Rs 23,000 on April 28, the highest during the week and Rs 22,330, on May 2, the lowest during the week.

In the global markets, silver was quoted low at USD 16.18/16.19 per troy ounce during the week ended May 2 as compared to the previous weekend's close of USD 16.80/16.81 per troy ounce, which affected to downward trend at the domestic prices.

Meanwhile, gold was quoted high at Rs 11,625 per ten gm at the opening session on Monday from its last close. And from Tuesday to Friday, it slid to recover on Saturday on fresh buying from local dealers, particularly jewellery makers.

Sellers were keen to sell their stocks in view of sluggish advices from global markets.

Gold standard mint recorded its high at Rs 11,615 per ten gm on April 28, while it registered a low at Rs 11,255 on May 2 during the week.

Values of standard gold closed low at Rs 11,305 per ten gm on the week ended Saturday, Rs 245 lower than the last weekend's close.

Pure gold also closed lower at Rs 11,365 per ten gm on week ended Saturday, down by Rs 245 than the last weekend's close.

In London, gold was recorded low at USD 854.00/855.50 per troy ounce during the week ended May 2, as compared to the previous week's close of USD 889.00/890.00, which reflected a downward trend in the precious metal prices, traders added.


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