Silver, Gold decline on weaker global advice

Mumbai, Nov 27 (UNI) After hitting an all time high on Monday, the precious metals today declined with Silver down by Rs 105 per kg and Gold by Rs 70 per ten gm today on increased offers by stockists in view of bearish advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) opened low at Rs 19,690 on thin buying support from industrial users.

Later, the white metal drifted lower to close negative at Rs 19,660 with a loss of Rs 105 from its last close.

There was lack of fresh demand from industrial users in view of discouraging advice from global markets.

In New York, London and other markets, the white metal was quoted lower at USD 14.64/14.75 per troy ounce against USD 14.85/14.90 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) opened lower at Rs 10,675 per ten gm and Rs 10,725 per ten gm respectively on improved selling pressure by stockists.

Later, both the prices came down at Rs 10,625 per ten gm for standard mint gold and for pure gold at Rs 10,675 per ten gm.

Both the prices crashed by Rs 70 each from their last close. There was poor ornament makers demand in view of bearish advice from global markets.

At London and New York, Yellow metal was quoted lower at USD 820/827 per troy ounce compared to USD 830/835 the previous day which led to the downward trend in both the precious metal prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,660 (19,765) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,625 (10,695) Pure gold 99.9 purity: Rs 10,675 (10,745) UNI AR OBB VKG1821