Silver seven-week low, gold 11-1/2 week low

Mumbai, Sep 15 (UNI) Values of silver edged down seven-week low with a loss of Rs 700 per kg while gold looked down 11-1/2 week low with a loss of Rs 235 per ten gm, on bearish global advice, traders at the Bombay Bullion Association today said.

Silver .999 fineness variety opened lowest at Rs 17,435 per kg.

and closed at seven-week low at Rs 17,645 per kg with a massive loss of Rs 700 from its yesterday's close.

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

In London, silver was quoted high at USD 10.60/10.80 per troy ounce, compared to its last close of USD 11.22/11.35 per troy ounce in New York on Thursday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened weak at Rs 8,685 and Rs 8,730 per ten gm respectively.

Both the yellow metal closed 11-1/2 week low at Rs 8,690 and Rs 8,740 per ten gm with a huge loss of Rs 235 each from its last close.

There was reduced stock supply by stockists along with weak advice from overseas markets.

In London, gold was quoted low at US dollar 575.00/578.00 per troy ounce against USD 590.20/594.00 at New York yesterday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,645 (Rs 18,345), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,690 (Rs 8,925), Pure gold 99.9 purity : Rs 8,740 (Rs 8,975).

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