Gold, Silver ends lower on profit booking

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Mumbai, Jan 4 (UNI) Standard Gold today eased by Rs 85 to end lower at Rs 10,950 per ten gm, after touching an all-time high on Thursday, and Silver declined by Rs 105 to settle at 19,940 per kg on persistent offloading by stock-holders despite the bullish trend in global markets, traders at the Bombay Bullion Association (BBA) said.

Standard gold (99.5 purity ) was quoted below the Rs 11,000 barrier and resumed lower at Rs 10,995 per ten gm, while pure gold (99.9 purity) also opened negative at Rs 11,045 per ten gm on lack of fresh buying support at the previous higher levels by ornament makers in spite of strong advice from global and upcountry markets.

Later, the yellow metal drifted lower and ended at Rs 10,950 per ten gm for standard gold and for pure gold at Rs 11,000 per ten gm.

Both the prices ended lower by Rs 85 for standard mint and for pure gold by Rs 80 from their last close.

Silver fineness .999 variety was quoted below Rs 20,000 level and resumed lower at Rs 19,975 per kg on thin demand by industrial users.

Later, it ended downward at Rs 19,940 per kg. Finally, the white metal declined by Rs 105 from yesterday's close.

Both the precious metals registered a downward trend due to sustained heavy offerings by stockists in view of local housewives rushing to sell their ornament stocks in the last few days.

Local buyers were cautious even at the current low levels coupled with strong advice from global markets, which was discounted in both the precious metal prices, leading traders said.

In Asia, London and others, Gold also inched up around at USD 864.50/867.00 as compared to USD 860.25/863,50 per troy ounce.

While Silver gained around USD 15.30/15.45 per troy ounce against USD 15.05/15.15 per troy ounce, affecting the bearish trend in both silver and gold prices in the domestic market, traders added.

Following are spot silver and gold closing prices Silver (per kg) .999 grade: Rs 19,940 (20,045) Gold (per 10 gm) Standrad mint 99.5 purity: Rs 10,950 (11,035) Pure gold 99.9 purity Rs 11,000 (11,080) UNI AR NV OBB SKB1901

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