Gold, silver decline on bullish global advice

Mumbai, July 21 (UNI) Prices of gold and silver plummeted on lack of fresh demand in view of bearish advice from international markets, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity ) prices resumed low at Rs 9,520 and Rs 9,565 per ten gm on thin buying support. Later, both the yellow metals closed at Rs 9,550 for standard mint and for pure gold at Rs 9,600 per ten gm.

Both the vaules major crashed by Rs 195 for standard gold and Rs 200 for pure gold from its yesterday's closing levels.

There was poor demand by ornament makers in view of discouraging advice from overseas market.

In London, the yellow metal was quoted low at USD 628.50/629.00 per troy ounce, as compared to USD 641.50/642.00 per troy ounce at New York on Thursday.

Similarily, silver .999 fineness variety also opened weak at Rs 17,530 per kg. Later, it closed at Rs 17,655 per kg with a loss of Rs 110 from its previous close.

There was sustained heavy selling pressure by stockists in view of poor advice from global markets.

In London, silver was quoted low at US dollar 11.04/11.05 per troy ounce as compared to its last close of USD 11.09/11.10 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,655 (Rs 17,765), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,550 (Rs 9,745), Pure gold 99.9 purity : Rs 9,600 (Rs 9,800).

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