Gold, silver prices fall on bearish global advice

Mumbai, May 28 (UNI) Prices of spot gold and silver suffered a setback once again this weekend to Rs 9,700 per 10 gm for gold and Rs 19,365 per kg for silver on bearish advice from international markets, traders said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened low at Rs 9,605 and Rs 9,655 per 10 gm, respectively, on Monday on thin buying support.

The high of Rs 9,880 for standard mint and for pure gold at Rs 9,930 was on May 24, while their low of Rs 9,580 and Rs 9,635, respectively, was on May 22. Finally, they closed the weekend downward at Rs 9,700 for standard mint gold and for pure gold at Rs 9,750 per 10 gm.

There was a huge loss of Rs 80 for standard gold and Rs 85 for pure gold, from their last week's close.

There was lack of fresh demand from jewellers on increase of stocks supply along with bearish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted low at around USD 650.00/652.03 per troy ounce during the week ended May 26, as against the previous week's close of USD 658.00/659.50 in New York, traders added.

Silver .999 fineness ready grade opened high on Monday at Rs 18,730 per kg on lesser stocks supply from domestic industrial users. Its high of Rs 19,855 was on May 24 while its low of Rs 18,730 was on May 22 and it finally closed low at Rs 19,365 per kg on thin buying support, with a loss of just Rs five over the previous week.

In the global markets, silver rose to USD 12.60/12.70 per troy ounce in London during the week ended last Friday as against its previous week's close of USD 12.40/12.48 in New York, traders added.

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