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Silver, Gold tumble during the week

Posted on Nov 03, 06:52PM | UNI

The precious metals tumbled at the domestic bullion market during the week ended today under review, as Silver slumped by Rs 1,790 to Rs 58,780 per kg and Gold dropped by Rs 490 to Rs 30,380 per ten gm.

Silver remained positive during the first two days of the week, when it advanced by Rs 205 per kg.

On Wednesday, it slipped by Rs 110 to Rs 60,665 per kg on sluggish demand from stockists coupled with weak global cues.

Next day, it gained by Rs 185 to Rs 60,850 per kg on festive demand from local dealers.

It came under pressure on Friday and remained negative today, when it lost by Rs 2,070 to end at Rs 58,780 per kg due to lack of demand from stockists coupled with weak global cues.

With this, Silver was down by Rs 1,790 per kg compared with the last week's close.

Silver recorded the week's high at Rs 60,775 per kg on October 30 and low at Rs 58,780 per kg today.

Gold advanced by Rs 85 per ten gm in first two days of the week on encouraging demand from local dealers.

On Wednesday it went in red and remained weak till today. On Wednesday and Thursday, Gold fell by Rs 15 per ten gm each.

Next day, it eased by Rs 195 per ten gm on sluggish demand and today it dropped by Rs 365 to end at Rs 30,380 per ten gm, the week's low.

Gold was down by Rs 490 per ten gm as against the last week's close.

Gold registered the week's high at Rs 30,955 on October 30.

In Asian Market Silver was quoted low at USD 32.26 per ounce as against the last week's close of USD 33.10 per ounce.

Gold also fell to USD 17.20 per ounce compared with the last week's close of USD 17.55 per ounce.