Silver closes lower on poor demand, gold remains flat

Mumbai, Jan 5 (UNI) Value of silver today closed lower by Rs 30 at Rs 19,910 per kg on thin buying support by local dealers, while gold remained steady at Rs 10,950 per ten gms on scattered offerings from stock-holders, traders at the Bombay Bullion Association said.

Silver fineness (.999) variety resumed lower at Rs 19,930 per kg on poor buying support by industrial users. Later, it closed further weaker at Rs 19,910 per kg. Finally, the white metal declined by Rs 30 from yesterday's close.

Traders said that there was lack of follow-up buying support from local industrial users in the face of sufficient stocks at the domestic markets.

However, standard gold (99.5) and pure gold (99.9) purities opened and closed flat at Rs 10,950 and Rs 11,000 per ten gm respectively from their previous day's levels on lack of fresh interest by ornament makers. Business activity was restricted during the weekly half day trading, traders added.

Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 19,910 (19,940) Gold (per 10 gm) Standard mint 99.5 purity: Rs 10,950 (10,950) Pure gold 99.9 purity: Rs 11,000 (11,000).

UNI AR/NV NM SM1528