Gold closes six-week low, silver declines

Mumbai, June 2 (UNI) Values of gold closed at six-week low at Rs 9,480 per ten gm while silver declined to Rs 18,535 per kg on weak advice from global market, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened six- week low this morning at Rs 9,440 and Rs 9,485 per 10 gm, respectively.

Both the yellow metals closed still weaker at Rs 9,430 for standard mint and for pure gold at Rs 9,480 per 10 gm.

Both the prices fell by Rs 95 for standard gold and Rs 80 for pure gold from its previous close.

There was thin buying support from stockists along with discouraging advice from global markets.

In London, gold was quoted low at USD 623.50/624.25 per troy ounce against USD 630.00.631.00 per troy ounce from its last close.

Silver .999 fineness variety opened downward at Rs 18,475 per kg on weak advice. Later, it closed at Rs 18,535 per kg with a huge loss of Rs 225 from its yesterday's close. There was poor demand from stockists along with overseas markets.

In London, silver was quoted low at US dollar 11.83/11.93 per troy ounce against USD 12.10/12,12 from its last close.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,535 (Rs 18,760), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,430 (Rs 9,525), Pure gold 99.9 purity : Rs 9,480 (Rs 9,560).

UNI VD-AR MJ AG1819