Silver, gold prices dip on weak global advice

Mumbai, Nov 2: Both the precious metals today moved downward with Silver declining by Rs 235 per kg and Gold by Rs 20 per ten gm on increased offers from stockists due to discouraging advice from global and upcountry markets, traders at the Bombay Bullion Associaton said.

Silver (.999 fineness) variety was quoted below the Rs 19,200 mark after a gap of five days and opened lower at Rs 18,985 per kg on thin industrial user's demand.

Later, the white metal closed lower at Rs 19,025 with a major loss of Rs 235 per kg from its previous close.

Traders said there was sustained heavy offers by stockists in view of large arrival of stocks from upcountry centres and owing to bearish advice from global markets.

In New York, London and other markets, the white metal was quoted low at USD 14.25/14.30 per troy ounce against USD 14.35/14.38 per troy ounce, the previous day.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties resumed low at Rs 10,080 and Rs 10,125 per ten gms respectively due to thin buying support from ornament makers despite fast approaching Diwali festival.

Later, both the prices closed lower at Rs 10,100 per ten gm for standard mint and at Rs 10,150 for pure gold per ten gm.

Both the prices eased modestly by Rs 20 per ten gm each from their last close.

There was sustained selling pressure by stock holders. local buyers were cautious in view of bearish advice from global markets.

In London, New York and Asian markets, gold touched a low of USD 792.50/794.00 per troy ounce as compared to USD 795.25/797.00 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 19,025 (19,260), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,100 (10,120), Pure gold 99.9 purity: Rs 10,150 (10,170).

UNI