Silver, gold down on bearish advice from Int mkts

Mumbai, Nov 8 (UNI) Both the precious metals declined today with Silver down by a whopping Rs 690 per kg and Gold by Rs 80 per ten gm on lack of fresh demand due to bearish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) variety was quoted below the Rs 20,700 mark and opened negative at Rs 20,045 per kg on improved selling pressure by stockists.

Later, the white metal closed lower at Rs 20,050 per kg with a major loss of Rs 690 per kg from its previous close.

Traders said there was sustained heavy selling pressure by stockists in view of better arrival of stocks from upcountry centres and bearish advice from global markets. However, local demand was moderate from dealers.

In New York, London and other markets, the white metal touched a low at USD 15.30/15.35 per troy ounce against USD 15.80/15.85 per troy ounce, the previous day, traders added.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties resumed lower at Rs 10,625 and Rs 10,675 per ten gms respectively on better offers by stockists. Local buyers, particularly ornament makers, were cautious in view of discouraging advice from International markets.

Later, both the prices closed down at Rs 10,605 for standard mint gold and for pure gold at Rs 10,655 per ten gm.

Both the prices crashed by Rs 80 per ten gm each from their last close.

In London, New York and Asian markets, gold today was quoted lower at USD 830.50/834.00 per troy ounce as compared to USD 842.50/845.00 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 20,050 (20,740), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,605 (10,685), Pure gold 99.9 purity: Rs 10,655 (10,735).

UNI