Silver, Gold prices decline on weak global advice

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Mumbai, Sep 26 (UNI) Both the precious metals today declined, with Silver down by Rs 115 per kg and Gold by Rs 80 per ten gm on thin ornament markers demand in view of bearish advice from global and upcountry markets, traders at the Bombay Bullion Association said.

Trading resumed today after yesterday's Ganpati immersion holiday, Silver fineness opened at a low of Rs 18,120 per kg on lack of fresh buying support from industrial users.

Later, it drifted lower again and closed low at Rs 18,100 per kg with a loss of Rs 100 from the previous day's close on increase in selling pressure along with bearish advice from global and upcountry markets.

In London, New York and Asian countries, white metal touched a high at USD 13.43/13.48 per troy ounce against USD 13.55/13.55 per troy ounce, the previous day.

Similarly, standard gold (99.5) and pure gold (99.9) also opened negative at Rs 9,440 and Rs 9,490 per ten gm respectively on thin ornament makers demand.

Later, the yellow metal eased again and closed low at Rs 9,420 per ten gm for standard mint and pure gold at Rs 9,470 per ten gm.

Both the prices declined, by Rs 80 for standard gold and for pure gold by Rs 70 from their last close.

Sellers were keen to sell their stocks in view of discouraging advice from global and upcountry markets.

In London, New York and Asian markets, Yellow metal was down around at USD 730.25/732.00 per troy ounce as compared to USD 735.50/740.25 per troy ounce the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,100 (18,215) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,420 (9,500) Pure gold 99.9 purity : Rs 9,470 (9,540) UNI

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