Precious metals declines on lack of demand

Mumbai, Sept 30: Spot silver and gold declined further on lack of fresh demand, traders at the Bombay Bullion Association said today.

Spot silver .999 fineness variety opened low at Rs 18,465 per kg on poor demand. It moved up a little and closed at Rs 18,490 per kg with a loss of Rs 105 from yesterday's close.

There was lack of fresh demand from industrial users in view of bearish advice from overseas market.

In London, silver was quoted low at USD 11.40/11.46 per troy ounce, compared to its last close of USD 11.60/11.62 per troy ounce in New York on Friday.

Similarly, standard gold (99.5) opened low at Rs 9,010 per ten gm and closed at the same opening level of Rs 9,010 per ten gm with a loss of Rs 20 from its last close.

Pure gold (99.9) opened downwards at Rs 9,060 per ten gm, and closed at Rs 9,065 per ten gm with a loss of Rs 20 from previous close.

There was sluggish demand by stockists along with by downward trend from global markets.

In London, gold quoted low at US dollar 595.00/599.00 per troy ounce against USD 600.00/602.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,490 (18,595) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,010 (9,030) Pure gold 99.9 purity : Rs 9,065 (9,085).

UNI