Silver, gold declines further on weak global advice

Mumbai, Oct 11: Spot silver declined by Rs 265 per kg while gold by Rs 65 per ten gm on lack of fresh demand and weak global advice, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened low at Rs 17,895 per kg on thin buying support. It drifted lower and closed at Rs 17,860 per kg with massive loss of Rs 265 from its yesterday's close.

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

In London, silver was quoted low at USD 11.15/11.18 per troy ounce as compared to its last close of USD 11.20/11.28 per troy ounce in New York on Tuesday.

Similarly, standard gold (99.5) and pure gold (99.9) opened weak at Rs 8,540 and Rs 8,595 per ten gm, respectively.

Both the yellow metals fell lower and closed at Rs 8,540 and Rs 8,590 per ten gm with a loss of Rs 65 each from its last close.

There was poor demand by stockists from local market and discouraging advice from the global centres.

In London, gold was quoted low at US dollar 570.00/574.00 per troy ounce against USD 576.50/579.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,860 (18,125) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,540 (8,605) Pure gold 99.9 purity : Rs 8,590 (8,655).

UNI