Silver, Gold slid during the week

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Mumbai, Oct 4 (UNI) Both the precious metals fell during the week, with silver crashing by Rs 1,565 per kg and gold declining by Rs 260 per ten gm, in the bullion market.

On Monday, silver gained by Rs 135 per kg from its previous close and ended at Rs 21,185. Next day, it rallied further by Rs 55 and rested at Rs 21,240.

On Wednesday, the white metal nosedived by Rs 710 to close at Rs 20,530 per kg on sustained heavy selling pressure from stockists in view of the bearish global trends. Again on Thursday, it recovered by Rs 95 on improved demand.

Yesterday, silver crashed by Rs 1,105 to two-week's low of Rs 19,520, on lower buying support from industrial users.

Today, it further dropped by Rs 35 and settled at Rs 19,485.

Silver recorded the highest of Rs 21,240 on September 30, while the lowest was Rs 19,485 on October four, during the week.

The metal finally closed at Rs 19,485, with a massive loss of Rs 1,565, from the last week's close.

In the global markets, silver was quoted low at USD 11.50/11.55 per troy ounce during the week ended October three, as compared to the previous weekend's close of USD 13.38/13.40 per troy ounce.

While gold fluctuated throughout the week. In the first two days of the week, an upward trend was observed in yellow metal. Within two days, it soared by Rs 320. On Tuesday, it ended at Rs 13,410.

From Wednesday onwards, its downfall started and lasted till Friday.

Despite ongoing Navratri festival, gold lost its shine.

On Wednesday and Thursday, gold dipped by Rs 255. Yesterday, it edged down further by Rs 330 per ten gm amid lack of buying enquiries by stockists in view of discouraging global advices. After losing Rs 330 yesterday, it finished at Rs 12,825. Within three days, gold lost its glitter by Rs 585.

At the end of the week today, the yellow metal improved by Rs five per ten gm each.

Today, the standard and pure gold closed at Rs 12,830 and Rs 12,890, declining by Rs 260 and Rs 245 per ten gm respectively, than their last week's close.

Gold recorded the highest of Rs 13,410 on September 30, while its lowest was Rs 12,825 on October three, during the week.

In London, gold was recorded at USD 888.00/888.50 per troy ounce during the week ended October three, as compared to the previous week's close of USD 882.00/882.50.


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