Gold falls by Rs 235 during the week

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Mumbai, Nov 1 (UNI) The Diwali festival early this week could not add glitter to gold as it fell by Rs 235 per ten gm on lack of demand along with weak global advices.

Similarly, silver eased by Rs 25 per kg on the bullion market during the week.

On Monday, gold slumped by Rs 175 and closed at Rs 11,855. Next day, in the muharat trading held on the auspicious occasion of Vikram Samvat 2065, it recovered by Rs 245 and rested at Rs 12,100 per ten gm following good demand from local dealers. On Wednesday and Thursday, there was no trading as the bullion market was closed for Diwali festival.

On Friday, after a gap of two days, yellow metal lost ground by Rs 305 on sustained heavy selling pressure by stockists along with bearish global advices.

Today, standard gold remained steady and closed at its previous rate of Rs 11,795, while pure gold slightly improved by Rs five from its previous close and finished at Rs 11,860 on improved demand by bulk conusmers.

The standard and pure gold ended at Rs 11,795 and Rs 11,860, with losses of Rs 235 and Rs 240 per ten gm respectively, than their last week's close.

The yellow metal recorded the highest of Rs 12,100 on October 28, an auspicious day of Laxmi Poojan, while its lowest was Rs 11,795 on November one during the week.

About silver, the metal fluctuated during the week. On Monday, it slid by Rs 215 and ended at Rs 17,275 on lack of fresh demand by industrial users. Next day, it recovered by Rs 95 and settled at Rs 17,370. On Wednesday and Thursday there was no trading for Diwali festival.

When the market reopened on Friday, silver fell by Rs 355 to end at Rs 17,015. Today, it bounced back by Rs 450 and finished at Rs 17,465 on brisk buying support from jewellery makers.

Silver recorded the highest of Rs 17,465 on November one, while the lowest was Rs 17,015 on October 31, during the week.

Silver finally closed at Rs 17,465, with a meagre loss of Rs 25 per kg, from the last week's close.

In London, gold was recorded low at USD 728.00/729.00 per troy ounce during the week ended October 31, as compared to the previous week's close of USD 730.00/731.50.

In the global markets, silver was recorded low at USD 09.35/09.36 per troy ounce during the week ended October 31, as compared to the previous weekend's close of USD 09.39/09.40 per troy ounce.


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