Precious metals fall sharply on global advices

Mumbai, Feb 4: Precious metals Silver and Gold fell sharply by Rs 265 per kg and Gold by Rs 105 per ten grams on weak global advices, during the week ended February three on the Bombay Bullion Exchange.

Silver .999 fineness grade opened lower Monday last at Rs 19,895 per kg on lack of fresh demand from domestic industrial users. The white metal recorded a high of Rs 20,165 on February two and low of Rs 19,730 per kg on January 30 and closed at Rs 19,900 per kg with a massive loss of Rs 265 from its last weekend close, traders said.

In the global markets, silver closed high at USD 13.59/13.61 per troy ounce during the week ended Februay two as compared to the previous weekend close of USD 12.89/13.36 per troy ounce.

Similarly, standard mint gold (99.5 fineness) opened slightly low Monday last at Rs 9,255 per ten gm followed by pure gold (99.9 fineness) at Rs 9,310 per ten gm on poor demand from ornament makers.

The yellow metal registered a high of Rs 9,400 on February two for standard mint and Rs 9,450 for pure gold on the same day.

Standard mint gold recorded a low of Rs 9,240 per ten gm on January 30. Likewise, pure gold also registered a low of Rs 9,295 per ten gm on the same day. Finally, both the yellow metals closed quite low at Rs 9,295 for standard gold and Rs 9,345 for pure gold with a massive loss of Rs 105 each from their last week close.

Meanwhile, in London, gold was USD 650/652.00 per troy ounce during the week ended February three as compared to the previous week's close of USD 642.50/646.00, traders added.

UNI