Precious metals decline on lack of fresh demand

Mumbai, Sep 9 (UNI) Spot gold and silver prices declined on lack of fresh demand and weak global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5) and pure gold (99.9) opened low at Rs 9,200 and Rs 9,245 on poor demand.

Later, both the yellow metals closed at Rs 9,205 and Rs 9,255, with a loss of Rs 20 each from its yesterday's close.

There was thin buying support by stockists in view of weak advice from the global markets.

In London, gold was quoted low at US dollars 610.00/611.00 per troy ounce against USD 612.20/613.00 at New York on the previous day.

Similarly, prices of silver .999 fineness variety opened low at Rs 19,355 per kg on increase of stock supply.

Later it closed at Rs 19,395 per kg, with huge loss of Rs 200 from its last close.

There was a sluggish demand by dealers in view of a discouraging advice from the overseas markets.

In London, silver was quoted low at USD 12.14/12.15 per troy ounce, compared to its last close of USD 12.24/12.25 per troy ounce in New York on the previous day.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,395 (Rs 19,595), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,205 (Rs 9,225), Pure gold 99.9 purity : Rs 9,255 (Rs 9,275).

UNI VD SSS SKB1509