Mixed trend seen in precious metals

Mumbai, Aug 20 (UNI) Mixed trend was seen in the precious metal as gold declined by Rs 295 per ten gm while silver rose by Rs 105 per kg in the week ended on August 19, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened weak on Monday at Rs 9,525 and Rs 9,565 per 10 gm, respectively, on thin buying support from local dealers.

The prices were high on August 17 at Rs 9,520 for standard mint and Rs 9,570 for pure gold, while its low was on August 14 at Rs 9,485 and Rs 9,535 respectively.

Finally, they closed low at Rs 9,305 for standard mint gold and Rs 9,355 for pure gold per 10 gm.

Both the yellow metals showed a massive loss of Rs 290 for standard gold and Rs 295 for pure gold from their previous weekend close.

There was sustained heavy selling pressure from jewellers in view of poor advice from the global markets.

Meanwhile, in the global markets like London, gold was quoted low at about USD 614.50/615.00 per troy ounce during the week ended August 18, as against the previous weekend's close of USD 632.25/633.00 in New York, traders added.

Silver .999 fineness ready grade opened low on Monday at Rs 18,590 per kg on poor demand from domestic industrial users.

It was high on August 17 at Rs 19,125 while it was low on August 14 at Rs 18,620. It finally closed high at Rs 18,910 per kg, with a gain of Rs 105 from the previous week's close.

In the global markets, silver was also quoted high at USD 12.04/12.05 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 11.90/11.91 in New York, traders added.

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