Silver, gold rally during week

Mumbai, June 7 (UNI) Both the precious metals rallied during the week ended today,on sustained good demand, due to the marriage season and firm global advice, as Silver shot up sharply by Rs 975 per kg to reach a high at Rs 24,665 and gold also rose smartly by Rs 315 per ten gm to touch Rs 12,520, traders at the Bombay Bullion Association said.

On the first day of trading on Monday, silver opened low at Rs 23,585 per kg, with a loss of Rs 80 from its last close. Later, the white metal price fluctuated in a broad range between Rs 23,500 and Rs 24,600 per kg, during the week.

Silver recorded a high at Rs 24,665 per kg on June 7 and a low at Rs 23,550 on June 3, during the week. Overall, the white metal registered a gain of Rs 975 and ended at Rs 24,665, from its previous week level.

As regards gold, Standard mint and pure gold resumed low on Monday, at Rs 12,100 and Rs 12,155 per ten gm respectively. Both the prices fluctuated during the week, however, finally recovered smarlty on lack of selling pressure by stockists coupled with Rupee also cheaper at 42.65 /42.68 against per USD at the week-end.

Standard mint gold recorded a high at Rs 12,520 per ten gm on June 7 and a low at 12,100 on June 3, similarly, pure gold registered a high at Rs 12,580 per ten gm on June 7 and a low at Rs 12,155 per ten gm on June 3.

There was some good demand from industrial users and local jewellery makers in the domestic market. Sellers were hoarding their stocks, in view of bullish advice from International markets.

In the London and Asian markets, silver was quoted above USD 17 mark and touched a high at USD 17.48/17.52 per troy ounce, during the week ended June 6, as compared to the previous weekend's close of USD 16.88/16.92 per troy ounce, while gold also quoted above the USD 900 barriers and recorded a high at USD 900.10/903.60 per troy ounce, during the same period as compared to the previous week's close of USD 887.30/890.50, which helped to boost the domestic prices, traders added.

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