Silver and gold prices fall on bearish global advice

Mumbai, Apr 1 (UNI) Values of silver and gold today fell after reached the highest peak at Rs 17,195 per kg for silver and Rs 8,500 per ten gm for gold, mainly on bearish global advice, traders at the bullion market here said.

Silver fineness variety opened low at Rs 17,085 per kg and closed at Rs 17,195 per kg, with a loss of Rs 210 from its yesterday's close.

There was lack of fresh demand at yesterday's higher level by local dealers. There was sustained heavy selling pressure in view of discouraging advice from other global centres.

In London, the white metal was quoted low at US dollar 11.40/11.50 per troy ounce, from the previous close of USD 11.60/11.70 per troy ounce on Friday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened low at Rs 8,455 and Rs 8,495 per ten gm, respectively, and closed at low at Rs 8,455 and Rs 8,500 per ten gm, with a loss of Rs 35 and Rs 30, respectively, from the last close.

There was sluggish demand by stockists on narrow movement from overseas markets.

Gold was quoted low at USD 581.50/582.00 per troy ounce at London from the previous close of USD 584.50/585.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,195 (Rs 17,405), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,455 (Rs 8,490), Pure Gold 99.9 purity : Rs 8,500 (Rs 8,530).

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