Precious metals decline last week

Mumbai, Mar 25: Both the precious metals declined on bearish global advices, with Silver down by Rs 80 per kg and Gold by Rs 60 per ten gm during the week ended March 24 on the Bombay Bullion Exchange.

Silver .999 fineness grade opened upward following good industrial demand at Rs 19,475 per kg on Tuesday as Monday was a holiday for Gudi Padva. The white metal recorded a high of Rs 19,570 on March 21 and a low of Rs 19,450 per kg on March 24 before closing yesterday at the same rate with a loss of Rs 15 per kg from its last weekend close, traders said.

In the global markets, Silver moved upward at US 13.05/13.13 dollars per troy ounce as compared to the previous weekend close of USD 12.98/13.03 per troy ounce.

Standard mint Gold (99.5 fineness) opened low on Tuesday at Rs 9,355 per ten gm. It was followed by pure Gold (99.9 fineness) at Rs 9,405 per ten gm on lack of fresh demand from ornament makers.

The yellow metal registered high of Rs 9,430 on March 22 for standard mint and Rs 9,475 for pure Gold on the same day.

Standard mint Gold recorded a low of Rs 9,325 per ten gm on March 20. Likewise, pure Gold also registered a low of Rs 9,375 per ten gm on the same day. Finally, the yellow metal closed at Rs 9,330 for standard Gold and Rs 9,375 for pure Gold, down by Rs 40 for standard gold and Rs 45 for pure gold per ten gm from their last week's close.

Meanwhile, in London, Gold was slightly high at USD 653/656.00 per troy ounce during the week ended March 23 as compared to the previous week's close of USD 648.00/650.00, traders added.

UNI