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Silver down, gold up during the weekend

Written by: Staff

Mumbai, Apr 30 (UNI) Spot silver prices crashed and closed at Rs 20,550 per kg on thin buying support, while that of gold zoomed up at Rs 9,610 per ten gm on heavy demand on bullish global advice during the week ended yesterday, traders said.

Silver .999 fineness ready grade opened low on Monday at Rs 20,785 per kg on sustained heavy selling pressure from domestic industrial users. It fell on April 25 at Rs 19,370, but rose again on April 29 in the opening sesssion at Rs 20,785 on reduced stock supply.

Finally at the week-end, it closed at Rs 20,550 with a loss of Rs 1,030 per kg from its last week-end.

In the global markets, silver rose at USD 13.70/13.78 per troy ounce in London during the week ended last Friday as against its previous week's close of USD 13.00/13.05 in New York, which it did not impact on domestic prices,they added.

Standard mint gold (99.5) and pure gold (99.9) spot rates also opened low at Rs 9,320 and Rs 9,370 per ten gm on Monday, on poor demand.

It stood high at Rs 9,570 and Rs 9,620 on April 29 in the opening session, while its low was Rs 9,125 and Rs 9,170 on April 25.

Finally, it closed the week at Rs 9,560 and Rs 9,610 per ten gm respectively.

Both the yellow metals made the gain of Rs 120 each from their last week's close.

There was heavy ongoing marriage season demand from jewellers on lesser stock supply, along with bullish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted high around USD 650/654 per troy ounce during the week ended on April 28,as against the previous week's close of USD 630/635 in New York,traders added.


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