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Precious metals decline during the week

Posted on Dec 08, 07:30PM | UNI

The precious metals fell at the domestic bullion market during the week ended today under review, as Silver crashed by Rs 385 to Rs 62,350 per kg and Gold shed by Rs 270 to Rs 31,005 per ten gm, on selling pressure from stockists coupled with discouraging advices from global market.

On Monday, Silver edged up by Rs 375 per kg on positive global cues, only to pare gains next day. From Tuesday to Thursday, it tumbled by Rs 1,560 per kg.

It bounced back again yesterday and ended firm today at Rs 62,350 per kg. It gained by Rs 800 per kg during the couple of days.

At the end of the week, Silver however was down by Rs 385 per kg as compared to the last week's close.

It registered the week's high at Rs 63,110 on December three and low at Rs 61,550 on December six.

A similar picture was seen in Gold, too. On Monday, it rose by Rs 125 per ten gm. Next day it fell and remained weak till Thursday.

During the three days, it lost by Rs 700.

Gold recovered the earlier losses on Friday last, when it increased by Rs 240, and rose today by Rs 65 to end at Rs 31,005 per ten gm.

It was however down by Rs 270 per ten gm as against the last week's close.

Gold recorded the week's high at Rs 31,400 on December three and low at Rs 30,700 on December six.

The same picture was seen in Asian Markets, where Gold fell to USD 16.95 an ounce as against the last week's close of USD 17.80 an ounce.

Silver dropped to USD 32.93 per ounce compared with the previous week's close of USD 33.67 per ounce.