Mixed trend seen in precious metals' trading

Mumbai, Aug 3 (UNI) Mixed trend was seen in the trading of precious metals today as gold declined by Rs 15 per ten gm while silver rose by Rs 430 per kg on better buying support, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened high, crossing Rs 9,900-mark at Rs 9,875 and Rs 9,900 per ten gm, respectively, on heavy demand.

Later, both the yellow metals closed low at Rs 9,785 and Rs 9,835 per ten gm, with a loss of Rs 15 each from their yesterday's close.

There was thin buying support from ornament-makers in view of weak advice from overseas market.

Reports from abroad said gold drifted lower on Thursday as the US dollar gained against the euro, oil eased and selling pressure mounted at higher levels, despite the conflict in the Middle East, dealers said.

In London, the yellow metal was quoted low at USD 645.00/646.00 per troy ounce, as compared to USD 647.50/648.00 per troy ounce at New York yesterday.

Silver .999 fineness variety opened high, crossing Rs 19,000-mark at Rs 19,030 per kg.

Later, it closed at Rs 18,910 per kg with a huge gain of Rs 430 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 12.06/12.07 per troy ounce, as compared to its last close of USD 11.76/11.77 New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,910 (Rs 18,480), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,785 (Rs 9,800), Pure gold 99.9 purity : Rs 9,835 (Rs 9,850).

UNI VD GK AW1808