Gold, silver values declines on poor demand

Mumbai, June 17 (UNI) Values of gold and silver declined on lack of fresh demand, traders at the Bullion Exchange said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened weak at Rs 8,660 and Rs 8,705 per 10 gm, respectively.

Both the yellow metals closed at Rs 8,655 and Rs 8,705 per 10 gm with a loss of Rs 25 from their yesterday's close.

There was a thin buying support by stockists on sustained heavy selling pressure.

In London, yellow metal was quoted high at USD 588.50/589.00 per troy ounce, as compared to USD 580.50/581.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety also opened low at Rs 15,890 per kg on poor demand. Later, it closed at Rs 15,900 per kg with a loss of Rs 10 from its previous close.

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

In London, silver was quoted high at US dollar 10.30/10.33 per troy ounce against USD 10.20/10.35 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,900 (Rs 15,910), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,655 (Rs 8,680), Pure gold 99.9 purity : Rs 8,705 (Rs 8,730).

UNI VD PM SKB1534