Precious metal declines on lack of fresh demand

Mumbai, Sep 10: Prices of silver and gold declined on lack of fresh demand and on weak global advice at Rs 19,395 per kg and Rs 9,255 per ten gm, during the week ended on September nine, traders at the bullion market said.

Silver .999 fineness ready grade opened high on Monday at Rs 19,815 per kg on good demand from domestic industrial users.

It was high on September seven at Rs 20,030 while it was low on September nine at Rs 19,355. It finally closed at low at Rs 19,395 per kg, with a huge loss of Rs 355 from the previous week's close.

In the global markets, silver was also quoted low at USD 12.14/12.15 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 12.94/12.95 in New York.

Similarly, standard mint gold (99.5) and pure gold (99.9) spot rates opened high on Monday at Rs 9,470 and Rs 9,515 per 10 gm, respectively, on higher demand from local dealers.

The prices were high on September seven at Rs 9,495 for standard mint gold and Rs 9,545 for pure gold, while its low was on September nine at Rs 9,200 and Rs 9,245 respectively.

Finally, they closed weak at Rs 9,205 for standard mint gold and Rs 9,255 for pure gold per 10 gm.

Both the yellow metals showed a huge loss of Rs 240 each from their previous weekend close.

There was sustained heavy selling pressure from jewellers in view of the poor advice from the global markets.

Meanwhile, in the global markets like London, gold was quoted low at about USD 610.50/611.00 per troy ounce during the week ended September eight, as against the previous weekend's close of USD 625.25/626.00 in New York, traders added.

UNI