Gold closes five-week low, silver eases

Mumbai, June 1 (UNI) Values of gold closed at five-week low at Rs 9,560 per ten gm while silver eased to Rs 18,760 per kg on reports of subdued advice from global market, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened five week-low this morning at Rs 9,525 and Rs 9,570 per 10 gm, respectively.

Both the yellow metals closed still weaker and five week low at Rs 9,525 for standard mint and for pure gold at Rs 9,560 per 10 gm.

Both the prices crashed steeply by Rs 250 for standard gold and Rs 265 for pure gold from its previous close.

There was poor demand from stockists along with discouraging advice from global markets.

In London, gold was quoted low at USD 630.50 per troy ounce against USD 631.00 per troy ounce from its last close.

Silver .999 fineness variety opened downward at Rs 19,025 per kg on weak advice. Later, it closed still weaker at Rs 18,760 per kg with a huge loss of Rs 560 from its yesterday's close. There was bearish advice from stockists along with overseas markets.

In London, silver was quoted low at US dollar 12.10/12.12 per troy ounce from its last close.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,760 (Rs 19,320), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,525 (Rs 9,775), Pure gold 99.9 purity : Rs 9,560 (Rs 9,825).

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