Mumbai, May 12 : The precious metals slumped in the dometic bullion market during the week under review, as Silver tumbled by Rs 2,320 to Rs 54,130 per kg and Gold fell by Rs 910 per ten gm to Rs 28,400 on slugghish demand from stockists coupled with weak global cues.
Silver remained weak throughout the week except Thursday and today.
In first three days of the week, it plunged by Rs 2,100 owing to weak demand coupled with discouraging advices from global market.
Improvement was seen on Thursday when Silver moved up by Rs 140 to Rs 54,490 per kg on good demand from local dealers.
However, it pared the gains yesterday when it fell by Rs 800 to Rs 53,690 per kg, only to bounce back today by Rs 440 to end at Rs 54,130 per kg.
With this, Silver has slumped by Rs 2,320 per kg as compared to the previous week's close.
It recorded the week's high at Rs 56,030 per kg on May seven and low at Rs 53,690 per kg yesterday.
Gold remained weak nearly throughout the whole week, except today. On Monday, it slipped by Rs 270 to Rs 29,040 per ten gm.
In the next two days, it lost by Rs 490 to Rs 28,550 per ten gm.
The prices of precious metals remained under pressure due to weak global cues and sl iding rupee against US Dollar also impacted the sentiment, traders said.
On Thursday and Friday, it eased by Rs 105 and Rs 60 per ten gm, respectively.
However, today, it rose by Rs 15 to Rs 28,400 per ten gm on scattered demand.
With this, Gold tumbled by Rs 910 per ten gm compared with the previous week's close.
Gold recorded the week's high at Rs 29,040 on May seven and low at Rs 28,385 on May 11.
In Asian Markets too, the precious metals fell as Silver declined to USD 15.84 per ounce as compared to the previous week's close of USD 16.25 per ounce.
While, Gold dipped as USD 28.71 per ounce as against the previous week's close of USD 29.93 per ounce. (UNI)
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