Precious metals rise during the week

Mumbai, Aug 30 (UNI) Both the precious metals edged up during the week, with silver rising by Rs 175 per kg and gold by Rs 130 per ten gm, in the bullion market.

Barring Monday and Tuesday, the white metal advanced throughout the week.

On Monday, the first day of trading, silver fell by Rs 140 and ended at Rs 20,995. Next day, it slid further by Rs 130 to close at Rs 20,865 on sustained heavy selling pressure by stockists along with weak global advices.

From Wednesday, however, the upward trend started and lasted till today.

On Wednesday and Thursday, silver soared by Rs 415 on brisk buying support and encouraging global advices.

During the two days, that is today and yesterday, the white metal further gained by Rs 30.

Silver recorded the highest at Rs 21,310 today, while the lowest was Rs 20,865 on August 26, during the week.

It closed at Rs 21,310, with a gain of Rs 175 from the last week's close.

In the global markets, silver was quoted at USD 13.74/13.75 per troy ounce during the week ended August 29, as compared to the previous weekend's close of USD 13.72/13.73 per troy ounce.

Like the white metal, gold, during the first two days of the trading, declined by Rs 115 on sluggish demand from ornament makers in view of discouraging global advices.

From Wednesday onwards it started rising till Friday. However, it fell slightly today.

On Wednesday and Thursday, gold jumped up by Rs 240. Its rise continued till today. Today, on the last day of trading, the standard and pure gold closed up by Rs 130 and Rs 120 per ten gm at Rs 11,940 and Rs 12,000 respectively, as compared to the last week's close.

Gold recorded its highest of Rs 11,950 yesterday, while its lowest was Rs 11,695 on August 26, during the week.

In London, gold was recorded at USD 834.00/834.50 per troy ounce during the week ended yesterday, as compared to the previous week's close of USD 832.00/832.50.

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