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Gold, silver declines to its lowest level

Written by: Staff
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Mumbai, June 12 (UNI) Values of gold and silver declined to its lowest level on reports of discoraging advice from global markets, traders at the bullion market said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened this morning at its lowest level at Rs 9,025 and Rs 9,075 per 10 gm, respectively.

Both the yellow metals closed low at Rs 9,040 and Rs 9,090 per 10 gm with a loss of Rs 35 each from their Saturday's close.

There was thin buying support by stockists. Traders were in the absence of fresh demand in view of bearish advice from global markets.

Reports from abroad say that gold edged down on Monday after rising modestly on short covering in early trade as investors were careful about chasing prices actively due to the recent strength of the dollar and weakness in global equity markets.

In London, yellow metal was quoted low at USD 600.50/606.00 per troy ounce, as compared to USD 600.50/608.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety, however, opened low at Rs 17,000 per kg on poor demand. Later, it closed at its lowest level of Rs 16,930 per kg with a massive loss of Rs 265 from its previous close.

There was lack of fresh demand from local dealers and industrial users in view of bearish advice from overseas markets.

In London, silver was quoted low at US dollar 11.00/11.04 per troy ounce against USD 11.10/11.20 at New York, which affected in the downward trend in domestic prices, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,930 (Rs 17,195), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,040 (Rs 9,075), Pure gold 99.9 purity : Rs 9,090 (Rs 9,125).

UNI VD PM AW1813

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