Silver, Gold down on weaker global advice

Mumbai, Oct 8 (UNI) Precious metals today closed lower with Silver declining by Rs 135 per kg and Gold by Rs 65 per ten gm in absence of fresh demand from ornament makers in view of discouraging advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) price was quoted below 18,000 mark and opened lower at Rs 17,995 per kg on thin buying support.

Later, white metal drifted further lower and closed negative at Rs 17,920 with a loss of Rs 135 per kg from its previous close, traders said. Sellers were keen to sell their stocks induced by weaker advice from global markets.

In New York and London markets, the white metal touched a low around 13.25/13.30 US Dollars per troy ounce against USD 13.45/13.50 per troy ounce, the previous day.

Standard gold (99.5) was also quoted below at 9,500 levels and resumed at a low of Rs 9,480 while pure gold opened low at Rs 9,530 per ten gm on poor buying support from ornament makers.

Later, the yellow metal eased again and closed lower at Rs 9,440 and Rs 9,490 with a big loss of Rs 65 each from their last close. Local demand was cautious in view of 'shradh' period. Traders had received reports from global markets that a subdued trend was witnessed there and both the precious metals drifted lower.

In London, Gold was at around 732.50/735.00 per troy ounce, compared to USD 735.25/739.50 on the previous day, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,920 (18,055) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,440 (9,505) Pure gold 99.9 purity : Rs 9,490 (9,555) UNI