Gold, silver south bound on weak advice from international markets

Mumbai, June 6 (UNI) Values of gold and silver today drifted lower on sluggish demand along with discouraging advice from global markets, traders at the bullion market here said.

Yesterday there was firm trend in bullion closing prices.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low this morning at Rs 9,485 and Rs 9,535 per 10 gm respectively.

Both the yellow metals closed again downward at Rs 9,460 for standard mint gold and for pure gold at Rs 9,515 per 10 gm.

Both the prices crashed major by Rs 120 for standard mint and pure gold by Rs 110 per ten gm from their previous day's close.

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

At London, yellow metal was quoted low at USD 634.50/636 per troy ounce as compared to USD 644.00/645.50 per troy ounce on earlier day.

Similarly, silver .999 fineness variety also opened low at Rs 18,380 per kg on poor demand. Later, it closed again low at Rs 18,280 per kg with a loss major of Rs 385 from its previous close.

There was sustained heavy offers by stockists in view of bearish advice from overseas markets.

In London, silver was quoted low at US dollar 11.92/12.07 per troy ounce against USD 12.20/12.30 from its last close, which affected in downward trend in domestic prices, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,280 (Rs 18,665), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,460 (Rs 9,580), Pure gold 99.9 purity : Rs 9,515 (Rs 9,625).

UNI AR SSS AG1810