Precious metals fall during week

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Mumbai, Jul 19 (UNI) Both the precious metals fell during the week, with silver easing by Rs 200 per kg and gold declining by Rs 90 per ten gm.

Barring Tuesday, both the precious metals saw southward movement throughout the week. On Monday, the first day of the session, the white metal declined by Rs 30 per kg to close at Rs 25,595 from its previous close, on lower buying support from ornament makers.

On Tuesday silver crossed 26k and closed at Rs 26,250 per kg with a massive gain of Rs 655 from its previous close. The downward trend began on Wednesday and continued till today. On Wednesday and Thursday silver slashed by Rs 450, and yesterday and today it further dipped by Rs 375.

Today, at the end of the session, silver was recorded at Rs 25,425 per kg, sliding by Rs 200 than the last weekend's close.

Silver closed the highest at Rs 26,250 on July 15, while it recorded the lowest at Rs 25,425 on July 19, during the week.

In the global markets, silver was quoted at USD 18.25/18.26 per troy ounce during the week ended July 18 as compared to the previous weekend's close of USD 18.10/18.11 per troy ounce.

The yellow metal glittered on Tuesday, while it lost its shine on the other days of the week.

On Monday gold fell by meagre Rs 15 to close at Rs 13,310 on sustained heavy selling pressure by ornament makers. On Tuesday it reached an all time high at Rs 13,680 with a whopping gain of Rs 370 from its last close.

BBA president Suresh Hundia said that the strengthening of the dollar, surging oil prices and the international prices of precious metals impacted the domestic market.

From Wednesday its downward journey started and lasted till today.

In two days, Wednesday and Thursday gold lost its shine by Rs 395. On Thursday, gold finished at Rs 13,285. Again on Friday and today it further declined by Rs 50 on mild stockists offerings in view of discouraging advice by local dealers.

Today, standard gold closed at Rs 13,235 and pure gold closed at Rs 13,295, showing a decline of Rs 90 and Rs 95 per ten gm, respectively, than the last week's close.

Gold recorded its highest of Rs 13,680 on July 15, while its lowest was Rs 13,235 on July 19, during the week.

In London, gold was recorded at USD 954.00/955.00 per troy ounce during the week ended July 18, as compared to the previous week's close of USD 932.00/934.00.


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