Silver,gold closes down on bearish global advice

Mumbai, June 28 (UNI)Values of gold and silver suffered a setback mainly on discouraging global advice and thin buying support from jewellers,traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low at Rs 8,790 and Rs 8,840 per 10 gm, respectively.

Both the yellow metals closed major lower at Rs 8,800 for standard mint gold and for pure gold at Rs 8,845 per 10 gm.

Both the prices declined steeply by Rs 55 for standard mint gold and pure gold by Rs 60 from their previous day's close.

There was lack of fresh demand by ornament makers.Sellers were keen to offer their stocks due to comfortable stocks supply along with subdued advice from global markets.

In London, yellow metal was quoted low at USD 583/584.50 per troy ounce, as compared to USD 588.50/590.50 per troy ounce at New York on previous day.

Prices of silver .999 fineness variety also opened positive at Rs 16,120 per kg on increase of fresh demand. Later, it drifted lower and closed low at Rs 16,120 per kg with a slightly loss of Rs 35 from its previous close.

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

In London, silver was quoted low at US dollar 10.03/10.05 per troy ounce against USD 10.30/10.35 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,120 (Rs 16,135), Gold (per 10 gm): Standard mint 99.5 puri : Rs 8,800 (Rs 8,855), Pure gold 99.9 purity : Rs 8,845 (Rs 8,905).

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