Silver, gold loose shine on weak global advice

Mumbai, Oct 21 (UNI) Spot silver and gold lost their shine on weak global advice and lack of fresh demand on the first trading day of the Hindu calendar Vikram Samvat year 2063, traders at the bullion traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety edged down at Rs 18,540 per kg on poor demand, with a huge loss of Rs 182 from its yesterday's close. There was thin buying by jewellers in view of poor advice from the overseas markets.

In London, silver was quoted low at USD 11.85/11.92 per troy ounce as compared to its last close of USD 11.80/12.00 per troy ounce in New York on Friday.

Similarly, standard gold (99.5) and pure gold (99.9) also fell at Rs 8,770 and Rs 8,822 per ten gm, respectively with a loss of Rs 72 for standard gold and Rs 73 for pure gold from their last close.

There was reduced stocks supply from ornament-makers in view of discouraging advice from the global centres.

In London, gold was quoted low at US dollar 588.00/592.00 per troy ounce against USD 590.50/599.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,540 (18,722) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,770 (8,842) Pure gold 99.9 purity : Rs 8,822 (8,895).

UNI VD SSS AG1344