Silver, gold fall during the week

Mumbai, Oct 25 (UNI) Both the precious metals plummeted during the week, with silver sliding by Rs 485 per kg and gold by Rs 555 per ten gm, on the bullion market.

Barring Monday and Saturday, the white metal observed a bearish trend throughout the week. On Monday, it rose by Rs 90 to finish at Rs 18,065 per kg. From Tuesday to Friday, it witnessed a negative trend and today, it recovered.

On Tuesday and Wednesday, silver fell by Rs 85. Next day, it slumped by Rs 445 to end at Rs 17,535. And on Friday, it further slipped by Rs 235 on sustained heavy selling pressure along with discouraging global advices. In four days, silver lost lustre by Rs 765.

On Saturday, it recovered by Rs 190 and ended at Rs 17,490.

Silver recorded the highest of Rs 18,065 on October 20, while the lowest was Rs 17,300 on October 24, during the week.

Silver finally closed at Rs 17,490, with a massive loss of Rs 485, from the last week's close.

As for gold, barring Monday and Saturday, it registerd a southward movement throughout the week.

On Monday, gold increased by Rs 150 to close at Rs 12,735. During the next four days, the yellow metal lost its shine. On Tuesday and Wednesday, gold slipped by Rs 500. And on Thursday and Friday, it further declined by Rs 625 on persistent offloading by stockholders along with discouraging global advices.

During the course of four days from Tuesday to Friday, gold paled by Rs 1,125 following sustained heavy selling pressure in view of weak advices.

On Saturday, it bounced back by Rs 500 and crossed 12K level to settle at Rs 12,030 for standard gold and Rs 12,100 for pure gold.

The standard and pure gold ended at Rs 12,030 and Rs 12,100, with huge losses of Rs 555 and Rs 540 per ten gm respectively, than their last week's close.

The yellow metal recorded the highest of Rs 12,735 on October 20, while its lowest was Rs 11,530 on October 24, during the week.

In London, gold was recorded at USD 726.00/727.50 per troy ounce during the week ended October 24, as compared to the previous week's close of USD 811.00/812.50.

In the global markets, silver was quoted low at USD 09.35/09.36 per troy ounce during the week ended October 24, as compared to the previous weekend's close of USD 10.02/10.03 per troy ounce.

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