Rates of precious metals decline on bearish global advice

Mumbai, July 10 (UNI) Values of gold and silver observed a major setback on lack of fresh demand, in view of discouraging global advice, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low at Rs 9,410 and Rs 9.455 per ten gm, respecitvely, on lack of fresh demand.

Both the yellow metals closed weak at Rs 9,360 and Rs 9,410 per ten gm, respectively, on thin buying support, with a loss of Rs 90 each from their Saturday's close.

In London, yellow metal was quoted low at USD 621.50/622.00 per troy ounce, as compared to its Friday's close of USD 630.00/631.00 per troy ounce.

Similarly, silver .999 fineness variety also opened low at Rs 17,775 per kg on poor demand. Later, it closed weaker at Rs 17,650 per kg with a huge loss of Rs 220 from its previous close.

There was poor demand from local dealers and industrial users.

In London, silver was quoted low at US dollar 10.98/10.99 per troy ounce, as compared to its last close of USD 11.37/11.38, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,650 (Rs 17,870), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,360 (Rs 9,450), Pure gold 99.9 purity : Rs 9,410 (Rs 9,500).

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