Silver, gold down on bearish global advices

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Mumbai, Oct 24 (UNI) The spot silver and gold today eased on discouraging advices from global and upcountry markets, with silver declining by Rs 85 per kg and gold by Rs 35 per ten gm, traders at the Bombay Bullion Associaton (BBA) said.

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

Later, the white metal drifted further lower and closed negative at Rs 18,245 with a major loss of Rs 85 per kg from its previous close.

Traders said there was increase in offers by stockists in view of bearish advices from global markets and larger arrival of stocks at the domestic centres.

In New York, London and other markets, the white metal was quoted low at 13.48/13.50 per US Dollar troy ounce against USD 13.60/13.65 per troy ounce the previous day.

Prices of spot standard gold (99.5 purity) and pure gold (99.9 purity) grades resumed lower at 9,735 and Rs 9,785 per ten gm respectively.

Later, both the prices eased again and closed low at Rs 9,720 per ten gm for standard mint gold and for pure gold at 9,775 per ten gm.

Both the prices rose by Rs 35 each from their last close.

There was lack of fresh demand from ornament-makers. Sellers were keen to sell their stocks in view of bearish advices from global markets.

In London, New York and Asian markets, gold touched a low at USD 752.00/756.00 per troy ounce as compared to USD 762.25/768.00 on the previous day, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,245 (18,330) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,720 (9,755) Pure gold 99.9 purity: Rs 9,775 (9,800) UNI

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