Silver, Gold move downwards

Mumbai, May 23: Both the precious metals today turned weak with Silver down by Rs 65, closing at 24,980 per kg and Gold by Rs 85 to end at Rs 12,860 per ten gm on heavy offers by local stockists, traders at the Bombay Bullion Association said.

Traders said there was bearish phase in global markets and thin activities in precious metals at the domestic centres. Local demand was cautious in view of steep rise in domestic prices and input cost of imported precious metal prices were higher against the domestic levels In the yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 purity) resumed weak at Rs 12,755 and Rs 12,815 per ten gm respectively, on thin demand from jewellery makers.

Later, both the prices again drifted lower and closed low of Rs 12,800 per ten gm and pure gold at Rs 12,860 per ten gm. Finally, both the prices declined by Rs 85 per ten gm each, from their last close.

Similarly, Silver .999 fineness variety was quoted below Rs 25,000 mark and opened low at Rs 24,945, on lack of fresh demand at the previous day's high levels from industrial users.

Later, it closed negative of Rs 24,980 per kg, with a small loss of Rs 65 per kg from its previous finish, on sustained offers by stockists in the face of lack of fresh buying support from local industrial users.

In London and Asian countries, the yellow metal was quoted low at USD 920.30 to USD 922.40 per troy ounce, as compared to USD 925.80/926.50 on the previous day, while the white metal touched USD 18.06/18.18 against 18.15/18.22 per troy ounce, on earlier day, which reflected the downward trend at the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,980 (25,045) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,800 (12,885) Pure gold 99.9 purity: Rs 12,860 (12,945).

UNI