Bullion review: Precious metals close firmly

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Mumbai, May 10: Both precious metals firmed up during the week ended today owing to a bullish trend in the global market with silver rallying by Rs 825 per kg to touch Rs 23,380 and gold rallying by Rs 620 per ten gm to touch Rs 11,925, traders at the Bombay Bullion Association said.

On Monday, the first day of the trading session, silver closed high at Rs 22,770 per kg with a modest gain of Rs 215 from its last close. The white metal gained by Rs 215 on May 5 and its upward march was continued till Friday. Today, however, it fell due to lack of industrial demand. However, during the period from Tuesday to Friday, silver soared by Rs 705 and closed at Rs 23,475 on Friday. Today, on the last day of the week, silver fell by Rs 95 and finished at Rs 23,380 per kg.

During the week, silver touched its high at Rs 23,475 on May 9 while it recorded its low of Rs 22,770 on May 5. It closed the week higher by Rs 825 over the past week's close.

In the global markets, silver quoted high at USD 16.95/16.96 per troy ounce during the week ended May 9 as compared to the previous weekend's close of USD 16.18/16.19 per troy ounce, which impacted the domestic prices. Silver and gold moved up during the week in the global markets owing to new record high oil prices.

In the case of gold, the yellow metal shot up by Rs 95 from its previous close on Monday and continued the upward trend till Friday. But, like silver, gold fell slightly on Saturday due to persistent offloading by stock holders, traders said.

During the period from Tuesday to Friday, gold edged up by Rs 540. On Saturday, the last day of the session, the yellow metal lost its shine by Rs 15 and closed at Rs 11,925 for standard gold while pure gold fell by Rs 20 to close at Rs 11,980.

Standard gold and pure gold were recorded at Rs 11,940 and Rs 12,000 on May 9 -- the highest during the week. On May 5, they recorded their lowest during the week with standard gold touching Rs 11,400 and pure gold dipping to Rs 11,460.

However, the gold prices rallied by Rs 620 from their last weekend's close.

In London, gold recorded high at USD 884.00/885.50 per troy ounce during the week ended May 9, as compared to the previous week's close of USD 854.00/855.00.

UNI

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