Precious metals tumble during the week

Mumbai, Jun 14: Both the precious metals declined during the week, with silver crashing by Rs 885 per kg and standard gold by Rs 420 per ten gm, traders at the Bombay Bullion Association (BBA) said.

On Monday, silver rose by Rs 55 from its previous close and ended at Rs 24,720 on brisk buying support by ornament makers. The downfall of white metal started on Tuesday and continued till Friday, owing to sluggish demand by ornament-makers, along with weak global advices. In four days, it slumped by Rs 1,000. Today, on the last day of the session, it recovered slightly by Rs 60 and closed at Rs 23,780, still down by Rs 885 than the last weekend's close.

Silver closed highest at Rs 24,720 on June 9, while it recorded the lowest at Rs 23,720 on June 13, during the week.

In the global markets, silver was quoted at USD 16.38/16.39 per troy ounce during the week ended June 13, as compared to the previous weekend's close of USD 17.52/17.53 per troy ounce.

While, gold was up by Rs 35 per ten gm at Rs 12,555 on Monday from its previous close.

Like silver, gold also witnessed a downward trend from Tuesday to Friday on weak global advices. In four days, the yellow metal slid by Rs 550.

However, snapping the downward trend, standard gold today recovered by Rs 95 to finish at Rs 12,100, while pure gold also recovered by Rs 90 and closed at Rs 12,155.

Gold recorded its highest at Rs 12,555 on June 9, while its lowest was Rs 12,005 on June 13, during the week.

Today, standard gold closed at Rs 12,100, down by Rs 420 than the last week's close, whereas pure gold closed at Rs 12,155, down by Rs 425 than the last week's close.

In London, gold was recorded at USD 863.00/864.25 per troy ounce during the week ended June 13, as compared to the previous week's close of USD 901.00/902.60.

UNI