Silver. Gold close lower on bearish global advice

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Mumbai, Oct 22 (UNI) Both the precious metals today closed lower with Silver declining by Rs 120 per kg and Gold by Rs 125 per ten gm in the absence of fresh demand from local dealers in view of discouraging advice from global and upcountry markets, traders at the Bombay Bullion Associaton said.

Silver (.999 fineness) variety opened lower by Rs 85 at Rs 18,255 per kg from its last close on lack of industrial users demand.

Later, the white metal drifted further lower and closed low at Rs 18,220 with a major loss of Rs 120 per kg from its previous close.

Traders said there was sustained offers by stockists in view of bearish advice from global markets and sufficient stocks at the domestic centres.

In New York, London and other markets, the white metal quoted a low at USD 13.35/13.41 per troy ounce against USD 13.58/13.65 per troy ounce on the previous day.

Prices of Standard gold (99.5 purity) and pure gold ( 99.9 purity) grades were quoted below Rs 9,900 barrier, opening lower at 9,835 for standard mint gold and for pure gold at Rs 9885 per ten gm.

Later, both the prices plunged again and closed at a low at Rs 9,745 per ten gm for standard mint gold and for pure gold at 9,790 per ten gm. Local buyers were cautious inspite of low level. Sellers were keen to sell their stocks in view of discouraging advice from global markets.

In London, New York and Asian markets, gold touched a low at USD 742.00/746.00 per troy ounce compared to USD 762.25/765.00 on the previous day, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,220 (18,340) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,745 (9,865) Pure gold 99.9 purity: Rs 9,790 (9,915) UNI

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