Silver, gold declines on thin buying support

Mumbai, Oct 10 (UNI) Spot silver and gold declined on thin buying support, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened low at Rs 18,105 per kg on poor demand. It showed some improvement and closed at Rs 18,125 per kg with loss of Rs 30 from its yesterday's close.

There was sustained heavy selling pressure from industrial users in view of weak advice from the overseas market.

In London, silver was quoted low at USD 11.25/11.28 per troy ounce as compared to its last close of USD 11.35/11.38 per troy ounce in New York on Monday.

Similarly, standard gold (99.5) and pure gold (99.9) opened downwards at Rs 8,625 and Rs 8,670 per ten gm, respectively.

Both the yellow metals fell lower and closed at Rs 8,605 and Rs 8,655 per ten gm with a loss of Rs 30 each from its last close.

There was increased offers by stockists from local market and firm advice from the global centres.

In London, gold was quoted high at US dollar 576.00/579.00 per troy ounce against USD 575.50/578.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,125 (18,155) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,605 (8,635) Pure gold 99.9 purity : Rs 8,655 (8,685).

UNI VD MJ SKB1813