Gold, Silver surge during week

Mumbai, Nov 7 : Both the precious metals surged in the bullion market during the week ended today, with Gold soaring by Rs 680 per ten gm and Silver by Rs 1,110 per kg on speculative demand from stockists and the bullish trend in the global market.

Gold surpassed its past record in the first three days of the trading, as it surged by Rs 100 to ended at an all time high of Rs 16,085 on Monday. Next day it again jumped by Rs 155 to finish at Rs 16,240. On Wednesday, it zoomed by Rs 390 per ten gm to reach at Rs 16,630, an all time high.

However, in next two days, it fell moderately by Rs 25 per ten gm before recovering the losses. It surged by Rs 60 to Rs 16,665 today, registering the historic high once again.

With this, both standard and pure gold shot up by Rs 680 and Rs 620 per ten gm respectively against their last week's close.

Standard gold recorded its highest value at Rs 16,665 on November 7 and lowest at Rs 16,085 on Novermber 2.

Gold zoomed owing to persistent buying by stockists in view of the ongoing marriage season and bullish global trend, traders said, adding that the spurt in gold was due to buying of 200 metric tonnes of gold by the Reserve Bank of India (RBI) from the International Monetary Fund (IMF).

On the other, silver was seen fluctuating throughout the week.

On Monday, silver rose by Rs 225 to Rs 26,820 per kg on strong global advices only to slip the next day by Rs 130 to Rs 26,690 on persistent offloading by stock holders. On Wednesday, it snapped the losing streak and spurted by Rs 1,180 to Rs 27,770 which was the highest value of the week.

Again, on Thursday, it dwindled by Rs 65 to end in the red at Rs 27,705 on lack of buying enquiries from stockists. But yesterday, it recovered the losses, rising by Rs 40, on improved demand from local dealers.

And today it eased by Rs 40 to end at Rs 27,705 on lower buying support from industrial users.

Silver surged by Rs 1,110 per kg against its previous week's close.

Silver recorded the hihgest and lowest values at Rs 27,770 on Novermber 4 and Rs 26,690 on November 3.

In the global markets like London and Asian, gold was quoted at USD 1093.00/1093.25 per troy ounce during the week ended Novermner 7, compared with the previous week's close of USD 1044.00/1044.25, while silver was quoted at USD 17.54/17.56 per troy ounce, with the last week's close at USD 16.67/16.69 per troy ounce.

 

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