Gold, silver eases on bearish global advice

Mumbai, Aug 14: Prices of gold declined by Rs 115 per ten gm and silver by Rs 185 per kg on bearish global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened weak at Rs 9,525 and Rs 9,565 per ten gm, respectively, on poor demand from jewellery makers.

Later, standard gold closed still lower at Rs 9,485 per ten gm with a loss of Rs 110 from its Saturday's close.

Pure gold also closed low at Rs 9,535 with a loss of Rs 115 from its last close.

There was increase of stock supply from ornament-makers in view of poor advice from global markets.

In London, the yellow metal was quoted low at USD 625.25/626.00 per troy ounce as compared to USD 632.15/633.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety also opened low at Rs 18,590 per kg.

Later, it also closed at Rs 18,620 per kg with a loss of Rs 185 from its previous close.

There were thin buying support by stockists in view of poor demand from the overseas markets.

In London, silver was also quoted low at US Dollar 11.79/11.80 per troy ounce, as compared to its last close of USD 11.90/11.91 in New York, traders pointed out.

Trading in the bullion market will remain closed on August 15 and 16 on account of Independence Day and Janmasthami.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,620(Rs 18,805), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,485 (Rs 9,595), Pure gold 99.9 purity : Rs 9,535 (Rs 9,650).

UNI