Gold slides to nine-week low, silver by ten-week low

Mumbai, June 14 (UNI) Values of gold today slided to a nine week low and silver to a ten-week low on weak global advice, traders at the bullion market said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened this morning to a nine-week low at Rs 8,290 and Rs 8,335 per 10 gm, respectively.

Both the yellow metals closed nine week low at Rs 8,470 for standard mint and for pure gold at Rs 8,515 per 10 gm with a huge loss of Rs 365 for standard gold and Rs 370 for pure gold from their yesterday's close.

There was poor demand by stockists on increasse offers by stock holders in view of bearish advice from global markets.

Reports from abroad say that gold was on the defensive on Wednesday following a sell-off in precious and base m etals the previous day, with sentiment dampened by a strong dollar, weak oil prices and concerns over interest rate hikes.

In London, yellow metal was quoted low at USD 560.50/566.00 per troy ounce, as compared to USD 680.50/688.00 per troy ounce at New York yesterday.

Similarly, silver .999 fineness variety, however, opened to a ten-week low at Rs 14,925 per kg on poor demand. Later, it closed ten week low at Rs 15,315 per kg with a massive loss of Rs 820 from its previous close.

There was weak advice from local dealers and industrial users in view of discouraging advice from overseas markets.

In London, silver was quoted low at US dollar 9.80/9.82 per troy ounce against USD 10.20/10.40 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 15,315 (Rs 16,135, Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,470 (Rs 8,835), Pure gold 99.9 purity : Rs 8,515 (Rs 8,885).

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