Silver, gold end low on weak global cues

Mumbai, Sep 9 (UNI) The precious metals today drifted lower with Silver down by Rs 240 per kg and Gold by Rs 65 on weak global cues and sluggish demand by ornament makers, traders at the Bombay Bullion Association said.

Silver .999 finesses variety was quoted below the Rs 20,000 mark to open low at Rs 19,410 per kg on thin demand by local industrial users. Later, the white metal closed downward at Rs 19,780 with a big loss of Rs 240 from its previous day's close on sustained heavy selling pressure by stock holders.

Similarly, standard and pure gold opened lower at Rs 11,660 and Rs 11,720 per ten gm respectively on sluggish demand by stock holders. Later, the prices moved down by Rs 65 for standard mint gold and for pure gold by Rs 55 from their previous levels.

Both the prices finally ended in the red at Rs 11,680 per ten gm for standard mint and at Rs 11,755 per ten gm for pure gold, mainly on lack of fresh speculative demand from ornament makers coupled with weaker advices from global centres, dealers said.

In Asian and London markets, the yellow metal was quoted low at USD 784.10/796.50 per troy ounce against USD 810.50 to 815.30 per troy ounce and white metal also was quoted low at USD 11.80/11.90 per troy ounce against USD 12.25 to 12.35 earlier, which reflected in downward trend in the domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 19,780 (20,020) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,680 (11,745) Pure gold 99.9 purity: Rs 11,755 (11,810) UNI AR OBB SKB1857