Silver, gold south bound on bearish global advice

Mumbai, Mar 8: Silver and gold prices suffered a setback for the second consequtive day today on weak global advice, traders at the bullion market said.

Silver, which opened low at Rs 14,250 per kg, went down further to close at Rs 14,215 with a loss of Rs 35 from its yesterday's close.

There was thin buying support from local industrial users and also discouraging advice from the overseas markets, besides increased offers from neighbouring centres.

In London, the white metal was quoted low at US dollar 9.90/9.98 per troy ounce from the previous close of USD 10.02/10.04 per troy ounce on last close.

Standard mint gold (99.5 purity) was quoted below Rs 8,000 barrier and opened at Rs 7,995, while pure gold (99.9 purity) also opened weak at Rs 8,035 per ten gm respectively.

Both the yellow metals sank low again, closing at Rs 7,975 (standard mint gold) and Rs 8,015 (pure gold) respectively with a loss of Rs 60 each from their previous close.

There was sustained heavy selling pressure from ornament-makers and sluggish demand due to increased stock supply from overseas market.

Reports from abroad said that gold fell on Wednesday to its lowest in nearly two weeks on continued selling by funds, but physical buying and bargain-hunting were expected to support the market, dealers said.

The yellow metal was quoted low at USD 549.70/550.00 per troy ounce from the previous close of USD 552.00/552.25 per troy ounce.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,215 (Rs 14,250), Gold (per 10 gm): Standard mint 99.5 purity : Rs 7,975 (Rs 8,035), Pure Gold 99.9 purity : Rs 8,015 (Rs 8,075).

UNI