Silver, Gold dip again on thin ornament makers' demand

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Mumbai, Oct 31 (UNI) Both the precious metals continued to slide for the second consecutive day today, with Silver declining by Rs 30 per kg and Gold by Rs 25 per ten gm on sustained heavy selling pressure by stockists due to discouraging advice from global and upcountry markets, traders at the Bombay Bullion Associaton said.

Silver (.999 fineness) variety opened lower at Rs 19,005 per kg on poor industrial user's demand.

Later, the white metal eased again and closed negative at Rs 19,070 with a loss of Rs 30 per kg from its previous close.

The White metal crashed by Rs 140 in the last two days.

Traders said there was lack of fresh industrial users demand and also increased 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 14.35/14.37 per troy ounce against USD 14.34/14.40 per troy ounce, the previous day.

Prices of standard mint gold (99.5 purity) variety were quoted below Rs 10,000 barrier and opened low at Rs 9995 per ten gm while pure gold (99.9 purity) grade also opened lower at Rs 10,045 per ten gm due to lack of fresh buying support even at the previous day's lower levels from ornament makers.

Later, both the prices closed lower at Rs 10,000 per ten gm for standard mint and pure gold at Rs 10,050 per ten gm.

Both the prices eased further by Rs 25 per ten gm each from their last close. The yellow metal has crashed steeply by Rs 135 in last two days.

There was sustained heavy 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 782.50/786.00 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 19,070 (19,100), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,000 (10,025), Pure gold 99.9 purity: Rs 10,050 (10,075).


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