Silver, gold decline on weak global advice

Mumbai, Oct 18 (UNI) Spot silver and gold declined on lack of fresh demand and a drop in crude oil ignited selling from speculators, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened low at Rs 18,462 per kg on poor demand. It improved smartly and closed at Rs 18,472 per kg with a loss of Rs 159 from its yesterday's close.

There were increased offers by stockists in view of poor advice from the overseas market.

In London, silver was quoted low at USD 11.75/11.80 per troy ounce as compared to its last close of USD 11.85/11.90 per troy ounce in New York on Tuesday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened weak at Rs 8,732 and Rs 8,782 per ten gm respectively.

Both the yellow metals improved smartly and closed at Rs 8,746 and Rs 8,795 per ten gm with a loss of Rs 64 for standard gold and Rs 70 for pure gold from their last close.

There was thin buying support from ornament makers in view of discouraging advice from the global centres.

In London, gold was quoted low at US dollar 590.00/593.00 per troy ounce against USD 593.50/596.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,472 (18,631) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,746 (8,810) Pure gold 99.9 purity : Rs 8,795 (8,865).

UNI VD SSS SKB1853