Gold, silver close down on discouraging advice

Mumbai, Aug 8 (UNI) Values of gold and silver today suffered a major setback on reports of bearish advice from global markets along with 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 low at Rs 9,775 and Rs 9,820 per ten gm, respectively, on thin demand from jewellery makers.

Later, both the yellow metals closed below of Rs 9,800 mark and quoted at Rs 9,745 for standard mint and for pure gold at Rs 9,795 per ten gm, with a major loss of Rs 55 each from their yesterday's close.

Traders attributed this downward trend on lack of fresh buying support from ornament-makers. There was increased stocks supply from stockists due to subdued advice from the global markets.

In London, the yellow metal was quoted slightly low at USD 644.25/646.50 per troy ounce as compared to USD 647.15/647.50 per troy ounce at New York.

Similarly, silver .999 fineness variety opened below of Rs 19,000 mark and quoted at Rs 18,950 per kg.

Later, it slipped toward the end of session and closed softer at Rs 18,925 per kg with a steeply loss of Rs 215 from its last close.

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

In London, silver was also quoted weak at US dollar 12.11/12.25 per troy ounce, as compared to its last close of USD 12.38/12.40 in New York, traders pointed out.

Trading in bullion market will remain officially closed tomorrow on account of Raksha Bandhan, traders informed.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,925(Rs 19,140), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,745 (Rs 9,800), Pure gold 99.9 purity : Rs 9,795 (Rs 9,850).

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