Gold closes firm, silver down

Mumbai, Aug 7 (UNI) A mixed trend was seen in the bullion closing values, as gold advanced on reports of bullish advice from global markets, while silver eased on lack of industrial users demand, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened high at Rs 9,810 and Rs 9,860 per ten gm, respectively, on good demand.

Later, both the yellow metals closed at Rs 9,800 for standard mint and for pure gold at Rs 9,850 per ten gm, with a gain of Rs 30 each from their yesterday's close.

Traders said there was thin attendence of traders at Zaveri Bazaar in south Mumbai due to heavy rainfall in the city and suburbans.

There was reduced stock supply from stockists in view of better buying support from local ornament-makers.

In London, the yellow metal was quoted slightly high at USD 647.15/647.50 per troy ounce, as compared to USD 646.15/647.00 per troy ounce at New York.

But, silver .999 fineness variety opened low at Rs 19,170 per kg.

Later, it improved and further closed softer at Rs 19,140 per kg with a loss of Rs 35 from its last close.

There was sustained offers by stockists in view of discouraging advice from overseas markets.

In London, silver was also quoted high at US dollar 12.38/12.39 per troy ounce, as compared to its last close of USD 12.40/12.42 New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,140 (Rs 19,175), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,800 (Rs 9,770), Pure gold 99.9 purity : Rs 9,850 (Rs 9,820).

UNI AR SSS AW1931