Gold, silver decline sharply

Mumbai, Mar 4 (UNI) Spot Silver and Gold declined sharply by Rs 620 per kg and by Rs 235 per ten gm respectively during the week ended March three on the Bombay Bullion Exchange.

Silver .999 fineness grade opened to a nine-and-half month high on Monday last at Rs 20,810 per kg on higher advices from domestic industrial users. The white metal recorded a high of Rs 20,810 on February 26 and a low of Rs 19,080 per kg on March three before closing at Rs 19,330 per kg with a whopping loss of Rs 1,385 per kg from its last weekend close, traders said.

In the global markets, Silver closed at USD 12.80/12.86 per troy ounce during the week ended March two as compared to the previous weekend close of USD 14.40/14.58 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened upward on Monday last at Rs 9,840 per ten gm followed by pure Gold (99.9 fineness) at Rs 9,895 per ten gm on good demand from ornament makers.

The yellow metal registered a nine-month high of Rs 9,840 on February 26 for standard mint and Rs 9,895 for pure Gold on the same day.

Standard mint Gold recorded a low of Rs 9,280 per ten gm on March three. Likewise, pure Gold also registered a low of Rs 9,330 per ten gm on the same day. Finally, both the yellow metal closed at Rs 9,290 for standard Gold and Rs 9,340 for pure Gold with a sliding down by Rs 505 per ten gm from their last week's close.

Meanwhile, in London, Gold remained steady at USD 681/683.00 per troy ounce during the week ended March two as compared to the previous week's close of USD 681.00/683.00, traders added.

UNI