Silver, Gold end lower on weak global advice

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Mumbai, Jan 10 (UNI) Prices of both the precious metals today tumbled with Silver down by Rs 205 per kg and Gold by Rs 140 per ten gm on sustained heavy selling pressure by stockists in view of bearish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver fineness (.999) variety opened lower at Rs 20,280 per kg on persistent offloading by stock holders. Later, it further declined and closed in the red at Rs 20,235 per kg, losing Rs 205 per kg from its last close.

In London, Silver edged down at 15.53/15.66 per troy ounce, compared to its last close of 15.99/16.00 per troy ounce.

Standard gold (99.5 purity) and pure gold (99.9) resumed dowwards at Rs 11,170 and Rs 11,220 per ten gm respectively on thin demand from local ornament makers.

Later, the yellow metal drifted further lower and closed at Rs 11,140 and Rs 11,195, declining by Rs 140 for standard gold and Rs 135 for pure gold from their last close.

In the overseas market, Gold slumped at 875.00/876.00 per troy ounce against 884.25/891.00 per troy ounce, which affected the downward trend in both the precious metal prices, traders pointed out.

Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 20,235 (20,440) Gold (per 10 gm) Standard mint 99.5 purity: Rs 11,140 (11,280) Pure gold 99.9 purity: Rs 11,195 (11,330).

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