Spot silver, gold slide on bearish global advice

Mumbai, Sep 23 (UNI) Values of spot silver and gold drifted lower mainly on bearish global advices during the closing session, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 18,160 per kg on fresh industrial demand and closed at Rs 18,155 per kg with a modest loss of Rs 45 from its yesterday's close.

There was lack of fresh demand from industrial users in view of bearish advice from foreign market. In London, silver was quoted low at USD 10.85/11.00 per troy ounce, compared to its last close of USD 11.25/11.28 per troy ounce in New York on Friday.

Similarly, standard gold (99.5) and pure gold (99.9) opened high at Rs 8,880 and Rs 8930 per ten gm, respectively, on poor demand from jewellers.

Both the yellow metals closed low -- at Rs 8,885 per 10 gm for standard mint gold and for pure gold at Rs 8,940 per 10 gm, from the previous close. Both the prices eased slightly by Rs 20 each from last close.

There was sustained offer by stockists induced by weak advice from global markets. In London, gold quoted low at US dollar 586.00/587.50 per troy ounce against USD 590.00/592.50 per troy ounce at New York yesterday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,155 (18,200) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,885 (8,905) Pure gold 99.9 purity : Rs 8,940 (8,960).

UNI KKD-AR MAZ SKB1923