Silver, gold surge during the week

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Mumbai, Sep 20 (UNI) Both the precious metals surged during the week, with silver rising with a massive gain of Rs 940 per kg and gold by Rs 310 per ten gm, in the bullion market.

Barring Monday, Wednesday and Friday, silver showed an upward trend.

On Monday, the white metal declined by Rs 75 and finished at Rs 19,045 per kg on sluggish demand from jewellery makers. Next day it improved by a meagre Rs 10. On Wednesday, it slid by Rs 190 and closed at Rs 18,865 on lower buying support in view of weak global advices.

On Thursday, it soared by Rs 1,795 and crossed 20k barrier to close at Rs 20,660, posting a two-week high in a single day, on brisk buying support and encouraging global advices. Next day, it paled by Rs 795 per kg and rested at Rs 19,865.

Today, after recovering by Rs 195 per kg, silver closed at Rs 20,060.

The white metal recorded the highest of Rs 20,660 on September 18, while the lowest of Rs 19,045 on September 15, during the week.

It finally closed at Rs 20,060, with a huge gain of Rs 940, from the last week's close.

In the global markets, silver was quoted at USD 12.16/12.17 per troy ounce during the week ended September 19, as compared to the previous weekend's close of USD 10.87/10.88 per troy ounce.

On the contrary, gold showed an upward trend and gained by Rs 380 in the first two days.

On Wednesday, it declined slightly by Rs 40 to close at Rs 11,755 on poor demand by ornament makers along with discouraging global advices. Next day, the yellow metal rose to eight-week high of Rs 1,265 per ten gm on brisk buying support along with strong global advices and settled at Rs 13,020.

Yesterday, it lost its shine by Rs 530 to finish at Rs 12,490.

Today, it recovered by Rs 235 and ended at Rs 12,725.

Gold recorded its highest of Rs 13,020 on September 18, while its lowest was Rs 11,610 on September 15, during the week.

Both standard and pue gold today closed at Rs 12,725 and Rs 12,785, up by Rs 310 and Rs 305 per ten gm respectively, from the last week's close.

In London, gold was recorded at USD 852.00/852.50 per troy ounce during the week ended yesterday, as compared to the previous week's close of USD 754.00/754.50.


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