Mumbai: Precious metals fall during weekend

Mumbai, May 27: Both the precious metals came down heavily with Silver falling by Rs 190 per kg and Gold by Rs 110 per ten gm on the Bombay Bullion Exchange during the week ended May 26.

Silver .999 fineness grade opened downward at Rs 18,260 per kg on Monday on lack of demand. The white metal recorded a high of Rs 18,350 on May 22. It then crashed to an eight-month low of Rs 18,105 per kg on May 26 with a major loss of Rs 190 per kg from its last weekend close, traders said.

In the global markets, silver also slashed to USD 12.92/12.95 per troy ounce as compared to the previous weekend close of USD 12.95/12.98 per troy ounce.

Similarly, standard mint gold (99.5 fineness) also opened weak Monday last at Rs 8,740 per ten gm and pure gold (99.9 fineness) at Rs 8,795 per ten gm on sluggish demand from ornament makers.

The yellow metal registered a high of Rs 8,755 on May 22 for standard mint and Rs 8,805 for pure gold on the same day.

Standard mint gold recorded a seven-month low of Rs 8,655 per ten gm on May 25. Likewise, pure gold also registered a low of Rs 8,700 per ten gm on the same day.

Finally, the yellow metal closed at Rs 8,660 for standard gold and Rs 8,710 for pure gold with a huge loss of Rs 110 for standard gold and Rs 85 for pure gold from their last week close.

Meanwhile, in London, gold fell to USD 656.00/658.00 per troy ounce during the week ended May 26 as compared to the previous week's close of USD 660.00/662.00, traders added.

UNI