Precious metal prices decline on weak global advice

Mumbai, Mar 23 (UNI) Values of silver and gold fell on weak global advice, traders at the bullion market here said today.

Precious metals' rates eased in Europe today after substantial gains in recent sessions, with gold looking to currencies for direction and silver pausing after hitting a 22-year high, a report from abroad said.

Silver fineness variety opened low at Rs 14,670 per kg and closed at Rs 14,690 per kg, with a loss of Rs 20 from its yesterday's close.

There was lack of fresh demand and discouraging advice from other centres.

In London, the white metal was quoted low at US dollar 10.46/10.49 per troy ounce, from the previous close of USD 10.48/10.51 per troy ounce on Wednesday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened steady at Rs 7,980 and Rs 8,020 per ten gm, respectively.

They closed lower at Rs 7,965 for standard mint and Rs 8,010 per ten gm for pure gold.

The prices fell by Rs 15 for standard mint and for pure gold by Rs 10 from their last close.

There was sustained heavy selling pressure on stockists from ornament-makers, alongwith improved offers.

The yellow metal was quoted low at USD 548.00/548.90 per troy ounce from the previous close of USD 550.20/551.10 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,690 (Rs 14,710), Gold (per 10 gm): Standard mint 99.5 purity : Rs 7,965 (Rs 7,980), Pure Gold 99.9 purity : Rs 8,010 (Rs 8,020).

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