Gold, silver declines on weak global advice

Mumbai, June 19 (UNI) Values of gold and silver major suffered a setback following a weak global advice, traders at the Bullion Exchange said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low at Rs 8,520 and Rs 8,565 per 10 gm, respectively.

Both the yellow metals closed still lower at Rs 8,500 and Rs 8,550 per 10 gm with a huge loss of Rs 155 each from their Saturday's'close.

There was a lack of fresh demand by stockists.There was sustained heavy selling pressure in view of bearish advice from global markets.

Reports from abroad says that gold fell on Monday as the dollar's rise and weaker oil prices prompted light selling by investors who are wary of taking large buy positions after last week's selloff, while technical levels capped any gains.

In London, yellow metal was quoted low at USD 568.50/569.00 per troy ounce, as compared to USD 588.50/589.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety also opened low at Rs 15,530 per kg on poor demand. Later, it closed at Rs 15,595 per kg with a massive loss of Rs 305 from its previous close.

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

In London, silver was quoted low at US dollar 9.97/9.98 per troy ounce against USD 10.30/10.33 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,595 (Rs 15,900), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,500 (Rs 8,655), Pure gold 99.9 purity : Rs 8,550 (Rs 8,705).

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