Both the precious metals declined on the bullion market during the last week.
Silver prices dropped sharply in the absence of industrial demand. Weak global advices also aided the downtrend.
Gold also fell moderately due to lack of local buying interest. Marketmen said the sentiment dampened ahead of gold auctions by the Bank of England and Swiss Central Bank to be held next week.
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Silver spot (.999 fineness) resumed slightly higher at Rs 7,890 but declined later on to close at Rs 7,825 as compared with Rs 7,880 last week, showing a loss of Rs 55. Tenderable silver also opened higher at Rs 7,895 and firmed up further to Rs 7,925 but reacted afterwards to close lower at Rs 7,830 as against Rs 7,885 previously.
However, raw-silver (.916) started slightly lower at Rs 7,755 and declined further to close at Rs 7,700 from Rs 7,760 previously, registering a loss of Rs 60.
Standard gold resumed steady but ended lower at Rs 4,340 from Rs 4,380 previously, disclosing a loss of Rs 40. 22-carat gold closed lower by Rs 35 to end at Rs 4,015.
Ten-tola gold bar (.999 purity) was quoted lower at Rs 50,800 as against Rs 51,300 last week.
Oils and oilseeds: Groundnut oil firmed up in an otherwise dull trading on the oils and oilseeds market on Saturday. Groundnut oil shot up on good demand from consumers.
However, in the industrial section, castorseeds and its oil both eased due to lack of enquiries from shippers and soap manufacturers.
In the edible section, groundnut oil moved up by Rs 2 to Rs 357 from Rs 355 previously. However, imported palm oil held steady at Rs 210.
In the industrial section, castorseeds and its oil eased to Rs 1,830 and Rs 396, respectively, from Rs 1,835 and Rs 397 on Friday. Linseed oil ruled quiet at Rs 265.
In the futures market, castorseeds June contract resumed lower at Rs 1,830 on profit-taking by stockists and declined further to close at Rs 1,825 as against Rs 1,833 on Friday, showing a loss of Rs 8. In castor oil international contract, June delivery was unchanged at Rs 409.
Non-ferrous metals: A mixed trend was witnessed in the local non-ferrous metals market. Scraps ruled weak while virgin metals stayed mostly steady.
In scraps, copper heavy, copper utensils and brass utensils declined by Re 1 each to Rs 118, Rs 101 and Rs 91 a kg, respectively, on dull overseas advices and easy supplies of imported materials. Brass sheetcuttings shed Rs 1.50 to close at Rs 97.00 a kg.
In virgins, nickel cathodes firmed up by Rs 3 at Rs 608 a kg on firm upcountry advices coupled with better industrial demand. Aluminium ingots looked up by 50 paise to Rs 90.50 a kg on reduced supplies of imported materials against better industrial demand Copper wirebar fell by 25 paise at Rs 126.00 a kg on subdued overseas advices coupled with modest industrial offtake.
Sugar: A weak trend was noticed in indigenous sugar prices on dull demand and easy arrivals.
Small-grade sugar commenced with a subdued note at Rs 1,405-1,455 a quintal on Monday and eased further to close at Rs 1,380-1,415 a quintal on Saturday on dull advices coupled with subdued
offtake against normal availability. Medium-grade sugar opened easy at Rs 1,446-1,520 per quintal and weakened further to close out the week at Rs 1,424-1,485.