Silver, Gold decline further

Mumbai, May 30 (UNI) Both the precious metals continued to decline with Silver down today by a whopping Rs 520 to end at Rs 23,620 per kg and standard Gold closed lower by Rs 215 at Rs 12,170 per ten gm on weak global cues, traders at the Bombay Bullion Association said here.

Prices of Silver and Gold have moved downwards by Rs 1360 per kg and Rs 710 per ten gm respectively in the last six days.

Silver .999 fineness variety was quoted below Rs 24,000 mark at the opening session and it was quoted low at Rs 23,450 per kg on lack of fresh industrial users demand. Later, it ended negative at Rs 23,620 per kg with a major loss of Rs 520 from its last close.

Standard mint and pure gold also opened low at 12,100 per ten gm and Rs 12,160 per ten gm respectively. Later, standard mint gold and pure gold ended low at Rs 12,170 and Rs 12,230 per ten gm respectively. Both the prices declined Rs 215 each from their last close.

Traders said '' Local jewllery makers are lifting their stocks as per daily requirements. Sellers were keen to sell their stocks in view of discouraging advice from global markets''.

Indian rupee appreciated at Rs 42.52 against the US dollar, which reflected in limited arrival of stocks.

In London and Asian markets, gold was quoted low in a range of USD 873.10/885.10 per troy ounce against 892.10/895.50 the previous day and Silver touched a low at USD 16.48/16.85 per troy ounce compared to 17.24/17.40 per troy ounce from its last finish, which reflected the downward trend in the domestic prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 23,620 (24,140) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,170 (12,385) Pure gold 99.9 purity: Rs 12,230 (12,445) UNI AR OBB SKB1830