Silver, Gold close lower on bearish global advice

Mumbai, Oct 30 (UNI) Both the precious metals today slipped downwards, after the bullish phase, with Silver declining by Rs 110 per kg and Gold by Rs 110 per ten gm on increased offers by stockists due to bearish advice from global and upcountry markets, traders at the Bombay Bullion Associaton said.

Silver (.999 fineness) variety opened lower at Rs 19,145 per kg on thin industrial user's demand.

Later, the white metal drifted again lower and closed negative at Rs 19,100 with a loss of Rs 100 per kg from its previous close.

Traders said there was thin industrial users demand and also larger arrival of stocks from upcountry centres and weaker advice from global markets.

In New York, London and other markets, the white metal was quoted low at USD 14.22/14.25 per troy ounce against USD 14.36/14.40 per troy ounce, the previous day.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) grades also opened lower at Rs 10,045 and Rs 10,085 per ten gm respectively due to lack of fresh buying support at the previous day's higher levels from ornament makers.

Later, both the prices closed further low at Rs 10,025 per ten gm for standard mint and pure gold at Rs 10,075 per ten gm.

Both the prices declined by Rs 110 per ten gm each from their last close.

There was incrase in offers by stockists and local buyers were cautious in view of bearish advice from global marekts.

In London, New York and Asian markets, gold touched a low of USD 782.50/784.00 per troy ounce as compared to USD 788.25/790.00 per troy ounce the previous day, which reflected the downward trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 19,100 (19,210), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,025 (10,135), Pure gold 99.9 purity: Rs 10,075 (10,185).

UNI