Gold declines by Rs 195 during week

Mumbai, Aug 2 (UNI) Gold declined by Rs 195 per ten gm, while silver improved by a meagre Rs 5 per kg during the week.

A fluctuation was seen in both the precious metals throughout the week.

On Monday, the first day of the session, the white metal rose by Rs 115 per kg to close at Rs 24,940 from its previous close, on brisk buying support from ornament makers. On Tuesday it further improved by Rs 25 to end at Rs 24,965, the highest rate of the week.

On Wednesday, the white metal crashed by Rs 350 following drop in oil prices and a firm US dollar, traders informed. And very next day it recovered by Rs 270.

Again on Friday, it further shot up by Rs 30 to finish at Rs 24,915 and today again it fell by Rs 85 and closed at Rs 24,830.

At the end of the session today, silver was recorded at Rs 24,830 per kg, improving by Rs five than the last weekend's close.

Silver closed the highest at Rs 24,965 on July 29, while it recorded the lowest at Rs 24,615 on July 30, during the week.

In the global markets, silver was quoted at USD 17.58/17.59 per troy ounce during the week ended August 1, as compared to the previous weekend's close of USD 17.56/17.57 per troy ounce.

Same trend was seen in yellow metal also.

On Monday gold, after rising by Rs 75, closed at Rs 12,780. The very next day, it further increased by Rs 20 to finish at Rs 12,800, the highest rate of the week.

On Wednesday, again, the gold lost its shine by Rs 305 and ended at Rs 12,495.

The fall of crude oil prices led the gold prices decline, traders said.

The standard gold closed at Rs 12,550 on Thursday, recovering by Rs 55. On Friday, it slightly slid by Rs 40 to close at Rs 12,510 and today it remained steady and closed at same level at Rs 12,510.

The pure gold closed at Rs 12,575 today, showing a loss of Rs 195 and Rs 190 per ten gm respectively, than the last week's close.

Gold recorded its highest of Rs 12,800 on July 29, while its lowest was Rs 12,495 on July 30, during the week.

In London, gold was recorded at USD 913.00/914.00 per troy ounce during the week ended August 1, as compared to the previous week's close of USD 920.00/921.00.

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