Precious metals crash during week
Barring Wednesday and Thursday, the white metal registered downward trend in the week. On Monday silver fell by Rs 115 per kg to close at 17,260, the highest in the week, amid lack of fresh demand. The very next day it further tumbled by Rs 650 to finish at Rs 16,610, on persistent offloading by stock holders in view of weak global advices. However, on Wednesday and Thursday the white metal rose by Rs 75.
On Friday it again fell by Rs 50 and today, the last day of the trading, it was slipped by Rs 110 and ended at Rs 16,525, with a major loss of Rs 850 against its last week’s close. Today’s was also the lowest price of silver during the week.
Meanwhile, except Wednesday, the yellow metal registered negative trend throughout the week. On Monday and Tuesday gold paled by Rs 585 on sustained heavy selling pressure by local dealers along with weak global cues. On Wednesday it improved by Rs 15 to end positive at Rs 12,615.
On Thursday and Friday it shed Rs 155, and today it eases by Rs 270. Gold lost its ground by Rs 425 in the last three days of the week.
Today, both standard and pure gold closed at Rs 12,190 and Rs 12,250, tripping by Rs 995 and Rs 990 per ten gm respectively, against their last week’s close. The yellow metal recorded the highest of Rs 13,010 on December one, while its lowest Rs 12,190 was recorded today.
In London, gold was recorded at USD 768.00/769.50 per troy ounce during the week ended December five, as compared to the previous week’s close of USD 810.00/811.50. Silver was recorded at USD 9.50/9.51 per troy ounce, as compared to the previous weekend’s close of USD 10.28/10.29 per troy ounce
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