Precious metals shine through the week

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Mumbai, Jul 12: Both the precious metals rallied during the week, with Silver firming by Rs 560 per kg and gold increasing by Rs 325 per ten gm.

Barring Monday, the white metal saw northward movement throughout the week.On Monday, the first day of the session the white metal declined by Rs 165 per kg to close at Rs 24,900 from its previous close on lower buying support by ornament makers.From Tuesday, the upward trend began and continued till today. On Tuesday and Wednesday silver improved by a meagre Rs 90. From Thursday to Saturday silver glittered showing an increase in three digits. On Thursday and Friday silver gained by Rs 320 and on Saturday it further strengthened by Rs 325.

Today, at the the end of the session, Silver was recorded at Rs 25,625 per kg, soaring by Rs 560 than the last weekend's close.

Silver closed the highest at Rs 25,625 on July 12, while it recorded the lowest at Rs 24,900 on July 7, during the week.

In the global markets, silver was quoted at USD 18.09/18.10 per troy ounce during the week ended July 11 as compared to the previous weekend's close of USD 18.02/18.03 per troy ounce.

The yellow metal lost its shine on Monday and Wednesday, with the other days of week remaining favourable for it.

On Monday gold fell by Rs 135 to close at Rs 12,865 on sustained heavy selling pressure by ornament makers. On Tuesday it recovered by Rs 55. Again, on Wednesday it slipped by Rs 70 to close at Rs 12,850.

From Thursday till today its upward trend remained intact.

Within three days gold glittered by Rs 475 on encouraging advice from domestic and global market respectively.

Today, standard gold closed at Rs 13,325 and pure gold closed at Rs 13,390, showing an increase of Rs 325 and Rs 330 per ten gm, respectively, than the last week's close.

Gold recorded its highest of Rs 13,325 on July 12, while its lowest was Rs 12,850 on July 9, during the week.

In London, gold was recorded at USD 932.00/934.00 per troy ounce during the week ended July 11, as compared to the previous week's close of USD 929.00/930.00.


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