Precious metals rise during week

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Mumbai, Jul 5 (UNI) Both the precious metals moved up during the week, with Silver rising by Rs 430 per kg and Gold by Rs 175 per ten gm.

On the first four days, the white metal rose, while it moved southward during the last two days of the week.

On Monday, the first day of the session, Silver shot up by Rs 100 from its previous close and ended at Rs 24,735 on brisk buying support by ornament makers.

This upward trend continued for the next three days with the white metal surging by Rs 580. However, Silver began its downward trend on Friday and Saturday as it dipped by Rs 250 on lack of any major buying from retailers at higher levels.

Today, at the end of the session, Silver was recorded at Rs 25,065 per kg, soaring by Rs 430 as copared to last weekend's close.

Silver closed highest at Rs 25,315 on July 3, while it recorded the lowest at Rs 24,735 on June 30, during the week.

In the global markets, silver was quoted at USD 18.02/18.03 per troy ounce during the week ended July 4, as compared to the previous weekend's close of USD 17.44/17.45 per troy ounce.

The yellow metal, except for Friday, rose throughout the week. On Monday, gold edged up by Rs 120 to close at Rs 12,945. On Tuesday and Wednesday it further hiked by Rs 35. On Thursday, Gold rallied by as much as Rs 155 to close at Rs 13,135 which was a three and half month high.

The precious metals zoomed up as the price of crude oil was recorded at USD 145.00 per barrel, traders said.

On Friday, the yellow metal lost its shine by Rs 160, recovering slightly on the last day, Saturday posting a Rs 25 per ten gm gain on encouraging advice from domestic market to end at Rs 13,000.

Gold recorded its highest at Rs 13,135 on July 3, while its lowest was Rs 12,945 on June 30, during the week.

Today, standard gold closed at Rs 13,000 and pure gold closed at Rs 13,060, rising by Rs 175 each, more than the last week's close.

In London, gold was recorded at USD 932.00/933.00 per troy ounce during the week ended July 4, as compared to the previous week's close of USD 922.00/923.00.


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