Silver declines, gold steady

Mumbai, July 8 (UNI) Price of silver today eased steeply and closed low at Rs 17,870 per kg, while gold remained steady at Rs 9,500 per ten gm, according to traders at the Bombay Bullion Association.

Standard gold (99.5 purity) opened steady and remained flat till the end session at Rs 9,450 per ten gm.

Pure gold (99.9 purity) opened slightly low at Rs 9,495 and closed at Rs 9.500 per ten gm. There was thin buying support by ornament-makers.

In London, yellow metal was quoted low at USD 630.50/631.00 per troy ounce, as compared to its yesterday's close of USD 631.00/632.00 per troy ounce. Similarly, silver .999 fineness variety also opened low at Rs 17,750 per kg on poor demand. Later, it improved and closed at Rs 17,870 per kg with a huge loss of Rs 155 from its previous close.

There was poor demand from local dealers and industrial users.

In London, silver was quoted low at US dollar 11.37/11.38 per troy ounce, as compared to its last close of USD 11.59/11.60, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,870 (Rs 18,025), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,450 (Rs 9,450), Pure gold 99.9 purity : Rs 9,500 (Rs 9,500).

UNI VD AR GB AG1522