Mumbai, May 31 (UNI) Both the precious metals drifted to major lows during the week ended today, on weak global advice, as Silver plummeted steeply by Rs 1,280 per kg to reach a low at Rs 23,690, while gold declined by Rs 595 per ten gm to touch Rs 12,205, traders at the Bombay Bullion Association said.
On the first day of trading on Monday, silver opened low at Rs 23,965 per kg, with a loss of Rs five from its last close. Later the white metal price fluctuated in a broad range between Rs 23,500 and Rs 25,000 per kg, during the week.
Silver recorded a two weeks high at Rs 25,050 per kg on May 27 and a low at Rs 23,620 on May 30, during the week. Overall, the white metal registered a loss of Rs 1,280 and ended at Rs 23,690, from its previous week level.
There was sluggish demand from industrial users and local jewellery makers in the domestic market. Sellers were keen to sell their stocks, in view of bearish advice from International markets.
In the London and Asian markets, silver was quoted below USD 18 mark and touched a low at USD 16.88/16.92 per troy ounce, during the week ended May 30, as compared to the previous weekend's close of USD 18.18/18.22 per troy ounce, which impacted the domestic prices.
Silver and gold moved down during the week in the global markets owing to new record high oil prices.
As regards gold, Standard mint and pure gold resumed on Monday, low at Rs 12,780 and Rs 12,840 per ten gm respectively. Later, both the prices fluctuated in the two sides, during the week, but finally suffered a setback, on sustained selling pressure by stockists.
Buyers were cautious in view of prices being likely to fall in the next week. Rupee also appreciated at 42.56 /42.60 against per USD.
Standard mint gold recorded a high at Rs 12,880 per ten gm on May 27 and a low at 12,170 on May 30, similarly, pure gold registered a high at Rs 13,930 per ten gm on May 27 and a low at Rs 12,230 per ten gm on May 30.
Traders attributed this bearish phase in yellow metal to thin demand from jewellers in view of discouraging advice from global markets. Sellers were eager to sell their stocks, as the imported gold was costly due to appreciation in rupee at 42.60 against per US dollar, which reflected in higher input cost for imported gold at the domestic prices.
In London, gold quoted below the USD 900 barriers and recorded a low at USD 887.30/890.25 per troy ounce, during the week ended May 30, as compared to the previous week's close of USD 922.80/925.50.
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