Gold, silver close low on weak global advice

Mumbai, June 23 (UNI) Values of gold and silver closed low on lack of fresh demand coupled with weak advice from global markets, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low at Rs 8,755 and Rs 8,800 per 10 gm, respectively.

Both the yellow metals closed still lower at Rs 8,720 for standard mint gold and for pure gold at Rs 8,765 per 10 gm.

Both the prices declined by Rs 125 for standard mint gold and for pure gold by Rs 135 from their yesterday's close.

There was an thin buying support by stockists on sustained heavy selling pressure in view of bearish advice from global markets.

In London, yellow metal was quoted low at USD 574/575.00 per troy ounce, as compared to USD 586.50/587.00 per troy ounce at New York yesterday.

Similarly, silver .999 fineness variety opened low at Rs 15,800 per kg on poor demand. Later, it closed at Rs 15,880 per kg with a massive loss of Rs 520 from its previous close.

There was sluggish demand from local dealers and industrial users along with discouraging advice from overseas markets.

In London, silver was quoted low at US dollar 10.05/10.10 per troy ounce against USD 10.50/10.54 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,880 (Rs 16,400), Gold (per 10 gm): Standard mint 99.5 puri : Rs 8,720 (Rs 8,845), Pure gold 99.9 purity : Rs 8,765 (Rs 8,900).

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