Silver, Gold down on bearish global cues

Mumbai, Nov 30 (UNI) Both the precious metals today declined with Silver down by Rs 330 per kg and Gold by Rs 155 per ten gm on heavy offers by stock-holders in view of bearish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) opened lower at Rs 19,180 on thin buying support from industrial users.

Later, the white metal drifted lower to close negative at Rs 19,100 with a massive loss of Rs 330 from its last close.

There was increase in offers by stock-holders in view of weaker advice from global markets.

In New York, London and other markets, the white metal was quoted lower at USD 14.15/14.17 per troy ounce against USD 14.35/14.35 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) also resumed lower at Rs 10,255 per ten gm and Rs 10,305 per ten gm respectively on thin buying support by local dealers.

Later, both the prices ended lower at Rs 10,235 per ten gm for standard mint gold and for pure gold at Rs 10,285 per ten gm.

Both the prices major declined by Rs 155 each from their last close.

Traders said there was poor ornament makers demand even at the current low levels in view of bearish advice from global markets.

In London and New York, Yellow metal was quoted below USD 800 mark and touched a low at USD 793.25/795.50 per troy ounce compared to USD 803.25/806.50 the previous day, which led to downward trend in both the precious metals, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,100 (19,430) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,235 (10,390) Pure gold 99.9 purity: Rs 10,285 (10,440) UNI AR OBB AG1853