Silver, gold dip: Bombay Bullion Association

Mumbai, Feb 13: Both the precious metals slipped in the bullion market today with silver moving down by Rs 270 per kg on lack of demand and gold easing by Rs 215 per ten gm on weak advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) resumed low at Rs 21,555 per kg on sustained heavy selling pressure from local dealers. Later, it eased further and ended at Rs 21,500 per kg from its last close. Traders said that there was sustained heavy off-loading by stockists, induced by weak advice from global markets. In the London and Asian markets, silver was quoted at 17.16/17.18 per troy ounce compared to the last close of 17.48/17.50 per troy ounce. Within two days gold has inched down by Rs 275.

However, standard gold (99.5 purity) opened down at Rs 11,610 per ten gm and pure gold (99.9 variety) opened at Rs 11,660 per ten gm.

Later, standard gold and pure gold improved slightly and closed down at Rs 11,620 and Rs 11,675 per ten gm respectively.

In the overseas market, gold inched down to 906.00/907.25 per troy ounce against 920.00/921.25 per troy ounce.

Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 21,500 (21,770) Gold (per 10 gm) Standard mint 99.5 purity: Rs 11,620 (11,835) Pure gold 99.9 purity: Rs 11,675 (11,890).

UNI