Precious metals move downwards

Mumbai, Dec 3 (UNI) Both the precious metals today closed lower with Silver declining by Rs 30 per kg and gold by Rs 45 per ten gm owing to heavy selling pressure, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) opened high at Rs 18,770 on fresh demand from industrial users.

Later, the white metal further declined and closed lower at Rs 18,720 with a small loss of Rs 30 per kg from its last close.

There were increased offers from 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 14.10/14.12 per troy ounce against USD 14.12/14.15 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) resumed higher at Rs 10,125 per ten gm and Rs 10,175 per ten gm respectively on better buying support by local dealers.

Later, the prices drifted lower toward the end of the session at Rs 10,050 per ten gm for standard gold and pure gold at Rs 10,100 per ten gm. Both the prices eased by Rs 45 per ten gm 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, the yellow metal was quoted low at USD 786.25/787.50 per troy ounce compared to USD 791.25/792.50 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 18,720 (18,750) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,050 (10,095) Pure gold 99.9 purity: Rs 10,100 (10,145) UNI NV OBB SKB1838