Silver, Gold tumble during the week

Mumbai, Oct 18 (UNI) Values of both the precious metals crashed, with silver falling by Rs 985 per kg and gold by Rs 835 per ten gm, on the bullion market during the week.

Barring Tuesday and Wednesday, the white metal witnessed a downward march throughout the week.

On Monday, the white metal fell by Rs 100 to end at Rs 19,060 due to lack of fresh demand by local dealers. During the next two days, it rose by Rs 225. On Wednesday, silver finished at Rs 19,285, which was the highest value of the week. From Thursday its downfall started and lasted till today.

On Thursday, the white metal nosedived by Rs 790 on sustained heavy selling pressure along with discouraging global advices.

Again on Friday and Saturday, it shed further by Rs 520.

Silver recorded the highest of Rs 19,285 on October 15, while the lowest was Rs 17,975 on October 18, during the week.

Silver finally closed at Rs 17,975, with a whopping loss of Rs 985, from the last week's close.

As for gold, barring Wednesday, it registerd a southward movement throughout the week.

On Monday and Tuesday, gold fell by Rs 290 on poor demand by industrial users. On Wednesday, it recovered by Rs 95 to end at Rs 13,225 per ten gm, which was the highest value of the week.

From Thursday, its reverse journey started and remained till today. On Thursday, it was slightly down by Rs 20 and next day, plumetted drastically by Rs 575 to finish at Rs 12,630 on sustained heavy selling pressure along with weak global cues.

Today, it declined further by Rs 45 to end at Rs 12,585. The standard and pure gold ended down at Rs 12,585 and Rs 12,640, with massive losses of Rs 835 and Rs 845 per ten gm respectively, than their last week's close.

The yellow metal recorded the highest of Rs 13,345 on October 13, while its lowest was Rs 12,585 on October 18, during the week.

In London, gold was recorded at USD 811.00/811.50 per troy ounce during the week ended October 17, as compared to the previous week's close of USD 883.00/884.50.

In the global markets, silver was quoted low at USD 10.02/10.03 per troy ounce during the week ended October 17, as compared to the previous weekend's close of USD 11.52/11.53 per troy ounce.

UNI NV SSS VKG1825