Mixed trend seen in precious metal prices

Mumbai, July 28 (UNI) Mixed trend was seen in bullion closing prices as values of gold declined on lack of fresh demand while that of silver rose due to reduced stock supply, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened weak at Rs 9,550 and Rs 9,595 per ten gm on thin buying support.

Later, both the yellow metals closed low at Rs 9,545 and at Rs 9,595 per ten gm, with a loss of Rs 15 for standard gold and Rs 25 for pure gold, from their yesterday's close.

There was lack of fresh demand from ornament-makers in view of discouraging advice from overseas market.

In London, the yellow metal was quoted low at USD 629.00/630.00 per troy ounce, as compared to USD 631.50/632.00 per troy ounce at New York on Thursday.

Silver .999 fineness variety today crossed the Rs 18,000-mark during the opening session and quoted high at Rs 18,040 per kg.

Later, it closed high at Rs 18,015 per kg with a sharp gain of Rs 155 from its last close.

There was better buying support by stockists in view of good advice from overseas markets.

In London, silver was also quoted high at US dollar 11.34/11.35 per troy ounce, as compared to its last close of USD 11.16/11.17 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,015 (Rs 17,860), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,545 (Rs 9,560), Pure gold 99.9 purity : Rs 9,595 (Rs 9,620).

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