Silver improves, gold eases

Mumbai, Aug 16 (UNI) A mixed trend was witnessed in the precious metals during the week, with silver improving by Rs 35 per kg and gold easing by Rs 65 per ten gm, in the bullion market.

There was no trading in the bullion market on August 15 and August 16 on account of Independence day and Raksha Bandhan respectively. Trading took place for only four days this week.

On Monday, the first day of trading, silver recovered by Rs 130 on brisk buying support from ornament makers and ended at Rs 22,440 from its previous close. The very next day the white metal crashed to a eight-month-low and slid by Rs 995 on lack of buying inquiries amid report of weak global trend.

While on Wednesday it rose by Rs 460 on fresh demand by dealers and encouraging global advice and finished at Rs 21,905.

Again on Thursday it further advanced by Rs 440 to touch 22k mark to close at Rs 22,345.

Silver recorded the highest at Rs 22,440 on August 11, while the lowest at Rs 21,445 on August 12, during the week.

In the global markets, silver was quoted at USD 14.87/14.88 per troy ounce during the week ended August 15, as compared to the previous weekend's close of USD 14.00/14.10 per troy ounce.

The silver closed at Rs 22,345, an increase of Rs 35 from the last week's close.

Gold on the first day of the week, Monday, improved by Rs 70 to close at Rs 11,815. On Tuesday it crashed to an eight-month-low, slumping by Rs 515 in a day, to finish at Rs 11,300 on sustained heavy selling pressure by industrial users and bearish global cues.

On Wednesday it slightly recovered by Rs 130 and ended at Rs 11,430 on improved demand.

Again on Thursday, strengthening by Rs 250, gold closed at Rs 11,680, on better buying support in view of bullish advice.

The standard and pure gold closed at Rs 11,680 and Rs 11,750, showing a loss of Rs 65 and Rs 60 per ten gm respectively, than the last week's close.

Gold recorded its highest of Rs 11,815 on August 11, while its lowest was Rs 11,300 on August 12, during the week.

In London, gold was recorded at USD 800.00/811.50 per troy ounce during the week ended August 15, as compared to the previous week's close of USD 825.00/825.50.

Gold went down heavily in the international market because of a firm dollar and weak oil prices. Crude oil prices were registered below USD 114 per barrel.

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