Gold glitters on firm global advice, Silver dips on thin demand

Mumbai, Mar 17 (UNI) Mixed trend was seen in the local bullion prices as silver closed down at Rs 14,470 per kg with a modest loss of Rs 20 from it previous day's close on poor demand while gold rallied on strong advice from global markets, traders at the bullion market here said today.

Silver fineness variety opened low at Rs 14,455 per kg on thin buying support by local dealers. Later it closed again low at Rs 14,470 per kg with a modest loss of Rs 20 from its previous day's close.

There was poor demand by local operators.

Sellers were keen to offers by stocksits in view of discouraging advice from the overseas markets.

In London, the white metal was quoted low at US dollar 10.20/10.22 per troy ounce from the previous close of USD 10.25/10.30 per troy ounce on Thursday at New York centre.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) crossed Rs 8,000 mark again and opened firm at Rs 8,000 and Rs 8,040 per ten gm, respectively.

But both the yellow metals closed high at Rs 8,020 for standard mint and for pure gold at Rs 8,060 per ten gm.

Both the prices gained smartly by Rs 30 for standard mint and for pure gold by Rs 20 from their last close.

There was fresh demand from ornament makers along with lack of offers by stockist from importers.

The yellow metal was quoted high at USD 554.00/554.50 per troy ounce from the previous close of USD 551.10/552.50 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,470 (Rs 14,490), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,020 (Rs 7,990), Pure Gold 99.9 purity : Rs 8,060 (Rs 8,040).

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