Gold rises, Silver falls during the week

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Mumbai, Oct 11 (UNI) A mixed trend was seen in the bullion, with gold rising by Rs 590 per ten gm and silver easing by Rs 525 per kg, during the week.

An upward march was seen in both the precious metals throughout the week, except today.

Gold was in demand on account of the just concluded Navaratri festival.

On Monday, the yellow metal inched up by Rs 300, and next day it shot up further by Rs 340. Within two days, it soared by Rs 640. On Tuesday, it ended at Rs 13,470.

On Wednesday, the gold touched Rs 13,820, an all time high, rising by Rs 350.

On Thursday there was no trading on account of Dusshera.

On Friday, gold breached 14K mark to surpass its previous record and ended at Rs 14,105, soaring by Rs 285.

Due to the global meltdown, investors preferred a safe haven in precious metals due to the festival season as demand grew manifold with the yellow metal touching an all time high, BBA vice president Harmesh Arora said.

And today, the last day of the trading, it nosedived by Rs 685 to close at Rs 13,420.

At the end of the week today, the standard gold and pure gold dipped by Rs 685 and Rs 675 per ten gm respectively.

Today, the standard and pure gold closed at Rs 13,420 and Rs 13,485, gaining Rs 590 and Rs 595 per ten gm respectively, than their last week's close.

Gold recorded the highest of Rs 14,105 on October 10, while its lowest was Rs 13,130 on October six, during the week.

In London, gold was recorded at USD 904.00/905.50 per troy ounce during the week ended October 10, as compared to the previous week's close of USD 888.00/889.00.

On the other hand, silver on Monday gained by Rs 50 per kg from its previous close and ended at Rs 19,535. During the next two days, it advanced by Rs 635.

On Thursday there was no trading for Dusshera. Next day, the white metal rose further by Rs 360 and crossed 20K to rest at Rs 20,530 on sustained demand from jewellery makers along with high global advices.

Today, in a single day, the white metal crashed by Rs 1,570 and closed at Rs 18,960 per kg on mild stockists offering in view of weak global advices.

Silver recorded the highest of Rs 20,530 on October 10, while the lowest was Rs 18,960 on October 11, during the week.

The metal finally closed at Rs 18,960, with a loss of Rs 525, from the last week's close.

In the global markets, silver was quoted low at USD 11.52/11.53 per troy ounce during the week ended October 10, as compared to the previous weekend's close of USD 11.60/11.61 per troy ounce.

UNI NV SSS AG1924

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