Silver, Gold decline on bearish advice from Int mkts

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Mumbai, Nov 5 (UNI) Both the precious metals today drifted downwards with Silver declining by Rs 70 per kg and Gold by 60 per ten gm on weak advice from global markets and selling pressure by stockists, traders at the Bombay Bullion Association (BBA) said.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties resumed lower at Rs 10,240 and Rs 10,295 per ten gms respectively on thin buying support from ornament makers despite the approaching Diwali festival.

Later, both the prices closed lower at Rs 10,230 for standard mint gold and for pure gold at Rs 10,280 per ten gm.

Both the prices eased modestly by Rs 60 per ten gm each from their last close.

There was increased selling pressure by stock holders. local demand was restricated in view of bearish advice from global markets.

In London, New York and Asian markets, gold today touched low of USD 802.50/804.00 per troy ounce as compared to USD 805.50/806.00 per troy ounce the previous day, which reflected the downward trend in the domestic prices, traders said.

Silver (.999 fineness) variety was quoted below the Rs 19,400 mark and opened lower at Rs 19,380 per kg on poor industrial user's demand.

Later, the white metal closed lower at Rs 19,355 with a major loss of Rs 70 per kg from its previous close.

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

In New York, London and other markets, the white metal was quoted lower at USD 14.45/14.52 per troy ounce against USD 14.55/14.60 per troy ounce, the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 19,355 (19,425), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,230 (10,290), Pure gold 99.9 purity: Rs 10,280 (10,340).


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