Silver and gold declines on weak global advice

Mumbai, Apr 5: After yesterday's new peak in the precious metals, silver and gold values closed on downward trend today mainly on bearish global advice, traders at the bullion market here said.

Silver fineness variety opened low at Rs 17,410 per kg. Later it closed low at Rs 17,485 per kg, with a loss of Rs 40 from its yesterday's close.

There was thin buying support along with discouraging advice from other global centres.

In London, the white metal was quoted low at US dollar 11.66/11.70 per troy ounce, from the previous close of USD 11.71/11.77 per troy ounce on Tuesday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened weak at Rs 8,490 and Rs 8,530 per ten gm, respectively.

Later both the yellow metal closed at Rs 8,510 for standard mint and for pure gold at Rs 8,555 per ten gm, with a loss of Rs 20 each from the last close.

There was lack of fresh demand by local ornament makers along with bearish advice from overseas markets.

Reports from abroad say that gold retreated slightly on Wednesday following losses in New York.

Gold was quoted low at USD 580.00/585.00 per troy ounce at London from the previous close of USD 587.00/589.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,485 (Rs 17,525), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,510 (Rs 8,530), Pure Gold 99.9 purity : Rs 8,555 (Rs 8,575).

UNI