Silver slips, gold 6-week-low on bearish advice

Mumbai, Feb 24 (UNI) Values of gold today closed six-weeks' lower and silver also slipped on weak advice from global markets and thin ornment-makers' demand, traders at the bullion market here said.

Silver opened lower at Rs 13,430 on better offers from stockists.

Later, the price was down slightly by Rs 10 and closed at Rs 13,480 per kg.

There was lack of fresh demand from local industrial users, along with discouraging advice from the overseas markets, they said.

In London, the white metal was quoted high at US dollar 9.55/9.56 per troy ounce from USD 9.58/9.59 per troy ounce from its previous day's close.

Standard mint gold (99.5 purity) was quoted below of Rs 8,000 barrier and resumed low at Rs 7,995 per ten gm while pure gold opened low Rs 8,035 per ten gm. Both the prices closed low again, at Rs 7,985 per ten gm for standard mint gold and Rs 8,030 per ten gm for pure gold. Standard mint gold and pure gold declined by Rs 30 and Rs 25 per ten gm, respectively, from their last finish.

There were increased offers by stockists due to sufficient stocks and poor demand from ornament makers.

The yellow metal was also quoted negative at USD 551.50/552.30 per troy ounce from USD 552.80/553.50 per troy ounce at its previous close, which affected to downward trend in domestic prices, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 13,480 (Rs 13,490), Gold (per 10 gm): Standard mint 99.5 purity : Rs 7,985 (Rs 8,015), Pure 99.9 purity : Rs 8,030 (Rs 8,055).

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