Prices of both silver and gold declined on the Mumbai bullion market during last week on lack of seasonal buying coupled with weak overseas advices.
Prices of ready silver of .999 fineness opened better at Rs 8,855 and shot up to Rs 9,000 on higher overseas advices coupled with poor arrivals. Later, on fresh inflow of stocks and fall in the international prices, it reacted to close at Rs 8,850, showing fall of Rs 60 over the last week's close of Rs 8,830.
Prices of raw silver of .916 fineness and tenderable silver also moved in a similar way and closed at Rs 8,660 and Rs 8,775, respectively from the last week's close of Rs 8,715 and Rs 8,835.
Standard gold prices started better at Rs 4,000, but soon lost seasonal support and fell to close at Rs 3,970, revealing a fall of Rs 25 from the last week's close of Rs 3,995.22-carat gold was nominally quoted weak at Rs 3,670 from Rs 3,695.
Ten-tola gold bar of .999 fineness commenced higher at Rs 46,800 and later declined on poor demand and ended at Rs 46,500, showing a fall of Rs 200 over the last week's close of Rs 46,700.
Oils & oilseeds: prices of groundnut oil declined steeply on the oilseeds market last week on weak Gujarat advices coupled with poor local demand.
Elsewhere, prices of castor oil and castorseed also ended notably weak on poor industrial and export demand.
However, imported palm oil prices zoomed up on heavy overseas advices and sluggish arrivals.
In the edible section, groundnut oil prices opened weak at Rs 376 and continued to fall and closed at Rs 371, showing a steep fall of Rs 7 over the last week's level of Rs 377.
Groundnut bold prices declined by Rs 10 to close at Rs 1,940.
Imported palm oil prices opened firm at Rs 317 and shot up further to close at Rs 324, revealing a smart rally of Rs 10 over the last close of Rs 314.
In the non-edible section, castor oil commercial resumed steady at Rs 279 and later fell to close at Rs 271, disclosing a fall of Rs 9 over the last week's close of Rs 279.
Prices of linseed Madras dropped sharply by Rs 43 to end at Rs 1,200 from Rs 1,243.
Linseed oil eased by Rs 5 to Rs 325 from Rs 330 while, prices of linseed bold held steady at Rs 1,300.
In the futures section, castorseed March contract fell by Rs 15 to end at Rs 1,211 from Rs 1,226 and June contact lost by Rs 21 at Rs 1250.50 as against the last close of Rs 1,271.50.
