Precious metals ease during week

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Mumbai, Jul 26 (UNI) Both the precious metals heavily declined during the week, with silver easing by Rs 600 per kg and gold declining by Rs 530 per ten gm.

A fluctuation was seen in both the precious metals throughout the week.

On Monday, Tuesday and Friday silver rose, while on Wednesday, Thursday and Saturday it fell.

On Monday, the first day of the session, the white metal rose by Rs 200 per kg to close at Rs 25,625 from its previous close, on brisk buying support from ornament makers. On Tuesday it further improved by Rs 260.

On Wednesday, the white metal crashed by Rs 870 and the very next day it further slumped by Rs 180, means in two days it registered a loss of Rs 1,050. Again on Friday it recovered by Rs 205 to finish at Rs 25,040 and today again it fell by Rs 215 and closed at Rs 24,825.

At the end of the session today, silver was recorded at Rs 24,825 per kg, sliding by Rs 600 than the last weekend's close.

Silver closed the highest at Rs 25,885 on July 22, while it recorded the lowest at Rs 24,825 on July 26, during the week.

In the global markets, silver was quoted at USD 17.56/17.57 per troy ounce during the week ended July 25, as compared to the previous weekend's close of USD 18.25/18.26 per troy ounce.

Same trend was seen in yellow metal also, First two days of the week was favourable for gold. In two days gold soared by Rs 190 per ten gm, on brisk buying support by ornament makers.

On Wednesday and Thursday the gold lost its shine by Rs 795.

Traders attributed the fall of precious metals to the decline of crude oil prices.

The standard gold closed at Rs 12,630 on Thursday. On Friday, it slightly recovered by Rs 130 and today again it slid by Rs 55 to finish at Rs 12,705, on mild stockists offerings, in view of discouraging advice by local dealers.

Today, standard gold closed at Rs 12,705 and pure gold closed at Rs 12,765, showing a massive decline of Rs 530 per ten gm each, than the last week's close.

Gold recorded its highest of Rs 13,425 on July 22, while its lowest was Rs 12,630 on July 24, during the week.

In London, gold was recorded at USD 930.00/931.00 per troy ounce during the week ended July 25, as compared to the previous week's close of USD 954.00/955.00.

UNI NV SR NP1736

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