Silver closes down, gold rise

Mumbai, June 27 (UNI) A mixed trend was seen in bullion closing prices, as silver eased mainly on discouraging global advice while gold rose on fresh buying support from jewellers,traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,775 and Rs 8,925 per 10 gm, respectively.

Both the yellow metals closed slightly higher at Rs 8,855 for standard mint gold and for pure gold at Rs 8,905 per 10 gm.

Both the prices hiked by Rs 65 for standard mint gold and pure gold by Rs 70 from their Monday's close.

There was sustained brisk demand by ornament makers.Sellers were hoarding their stocks due to reduced stocks supply along with firm advice from global markets.

In London, yellow metal was quoted high at USD 588/590.00 per troy ounce, as compared to USD 583.50/584.00 per troy ounce at New York on Monday.

Prices of silver .999 fineness variety also opened upwards at Rs 16,210 per kg on increase of fresh demand. Later, it ruled weak and closed low at Rs 16,135 per kg with a loss of Rs 30 from its previous close.

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

In London, silver was quoted low at US dollar 10.30/10.35 per troy ounce against USD 10.38/10.40 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,135 (Rs 16,165), Gold (per 10 gm): Standard mint 99.5 puri : Rs 8,855 (Rs 8,790), Pure gold 99.9 purity : Rs 8,905 (Rs 8,835).

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