Gold eases by Rs 80 during the week

Mumbai, Nov 8 (UNI) Gold declined by Rs 80, while silver fell slightly by Rs five per kg on the bullion market during the week.

A fluctuation was seen througout the week in the yellow metal.

During the first two days of the week, a downward trend was seen as gold dipped by Rs 170. On Wednesday, gold bounced back and closed at Rs 11,745, with a gain of Rs 120, on sustained demand along with bullish trend from global cues. Next day, it lost shine by Rs 100 and settled at Rs 11,645.

During the next two days, it again shot up by Rs 70 on improved demand from stockists.

Today, standard gold and pure gold closed at Rs 11,715 and Rs 11,770 with a loss of Rs 80 and Rs 90 per ten gm respectively, than their last week's close.

The yellow metal recorded the highest of Rs 11,765 on November three, while its lowest was Rs 11,625 next day during the week.

About silver, the metal oscillated during the week. On Monday, it rose by Rs 190 and ended at Rs 17,655. Next day, it nosedived by Rs 300 amid sluggish demand from ornament makers in view of weak global advices. During the next two days, an improvement was seen in the white metal, as it went up by Rs 160.

On Friday and Saturday, it paled slightly by Rs 55.

Today, it settled at Rs 17,460, with a loss of Rs five, from than their last week's close.

Silver recorded the highest of Rs 17,655 on November three, while the lowest was Rs 17,355 on November 4, during the week.

In London, a positive trend was seen in the both the precious metals as gold was recorded at USD 740.00/740.50 per troy ounce during the week ended November 7, as compared to the previous week's close of USD 729.00/730.50.

In the global markets, silver was recorded at USD 10.19/10.20 per troy ounce during the week ended November 7, as compared to the previous weekend's close of USD 09.35/09.36 per troy ounce.

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