Silver, gold dips on bearish global advice

Mumbai, Oct 19 (UNI) Spot silver and gold declined on lack of fresh demand and a drop in crude oil prices ignited selling from speculators, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened low at Rs 18,470 per kg on poor demand. Later it closed low at Rs 18,468 per kg with a loss of Rs four from its yesterday's close.

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

In London, silver was quoted low at USD 11.60/11.62 per troy ounce as compared to its last close of USD 11.80/11.85 per troy ounce in New York on Wednesday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened weak at Rs 8,724 and Rs 8,771 per ten gm, respectively.

Both the yellow metals closed downward at Rs 8,708 and Rs 8,762 per ten gm with a loss of Rs 38 for standard gold and Rs 33 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 588.00/590.00 per troy ounce against USD 590.50/593.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,468 (18,472) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,708 (8,746) Pure gold 99.9 purity : Rs 8,762 (8,795).

UNI KKD/AR MJ SKB1855