Gold, silver ease on lack of fresh demand

Mumbai, Aug 12 (UNI) Prices of gold eased by Rs 90 per ten gm and silver by Rs 255 per kg on lack of fresh demand, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened weak at Rs 9,595 and Rs 9,645 per ten gm, respectively, on thin buying support from jewellery makers.

Later, standard gold closed at the same level at Rs 9,595 per ten gm with a loss of Rs 95 from its last close.

Pure gold closed at Rs 9,650 with a loss of Rs 90 from its last close.

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

In London, the yellow metal was quoted low at USD 632.25/633.00 per troy ounce as compared to USD 638.15/639.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety also opened low at Rs 18,825 per kg.

Later, it also closed low at Rs 18,805 per kg with a massive loss of Rs 255 from its previous close.

There were increase of stock supply by stockists in view of poor demand from the overseas markets.

In London, silver was also quoted low at US Dollar 11.90/11.91 per troy ounce, as compared to its last close of USD 12.19/12.20 in New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,805(Rs 19,060), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,595 (Rs 9,690), Pure gold 99.9 purity : Rs 9,650 (Rs 9,740).

UNI VD GB AG1530