Precious metals declines to one-week low

Mumbai, Oct 3 (UNI) Spot silver and gold declined to one-week low on lack of fresh demand and on weak global advice, traders at the Bombay Bullion Association said today.

Spot silver .999 fineness variety opened low at Rs 18,440 per kg on poor demand. It moved downwards and closed to one-week low at Rs 18,305 per kg with a loss of Rs 185 from Saturday's close as yesterday was a public holiday.

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 11.30/11.34 per troy ounce, compared to its last close of USD 11.54/11.61 per troy ounce in New York on Monday.

Similarly, standard gold (99.5) opened weak at Rs 8,955 per ten gm and closed also to one-week low of Rs 8,880 per ten gm with a loss of Rs 130 from its last close.

Pure gold (99.9) opened downwards at Rs 9,005 per ten gm, and closed at Rs 8,940 per ten gm with a loss of Rs 125 from previous close.

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

Reports from abroad says that gold fell on Tuesday after crude oil dropped on healthy fuel inventories in main consumer the United States, reducing the metal's safe-haven appeal as a hedge against inflation.

In London, gold quoted low at US dollar 590.00/593.00 per troy ounce against USD 601.40/602.40 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,305 (18,490) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,880 (9,010) Pure gold 99.9 purity : Rs 8,940 (9,065).

UNI VD MJ AW1814