Mixed trend seen in the precious metal prices

Mumbai, July 31 (UNI) Mixed trend was seen in bullion closing prices as values of gold fell modestly by Rs five on lack of fresh demand while silver rose sharply on by Rs 50 on better buying support, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened high at Rs 9,610 and Rs 9,655 per ten gm on good demand.

Later, both the yellow metals declined at Rs 9,605 and Rs 9,650 per ten gm, with a loss of Rs five each from their Saturday's close.

There was sustained heavy selling pressure from ornament-makers in view of discouraging advice from overseas market.

In London, the yellow metal was quoted steady at USD 634.00/635.00 per troy ounce, as compared to USD 634.50/635.00 per troy ounce at New York on Friday.

Silver .999 fineness variety opened high at Rs 18,085 per kg.

Later, it closed at Rs 18,055 per kg with a gain of Rs 50 from its last close.

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

In London, silver was also quoted high at US Dollar 11.38/11.45 per troy ounce, as compared to its last close of USD 11.35/11.36 New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,055 (Rs 18,005), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,605 (Rs 9,610), Pure gold 99.9 purity : Rs 9,650 (Rs 9,655).

UNI VD PM AW1820