Silver, gold declines on bearish global advice

Mumbai, Oct 31 (UNI) Spot silver and gold declined on bearish global advice, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened low at Rs 18,600 per kg on poor demand. Later, it fell further and closed at Rs 18,581 per kg with a huge loss of Rs 152 from its yesterday's close.

There were thin buying support by stockists in view of weak advice from the overseas markets.

At London, the white metal quoted low at USD 12.05/12.10 per troy ounce against USD 12.12/12.18 per troy ounce at New York.

Similarly, standard gold (99.5) and pure gold (99.9) also opened downwards at Rs 8,813 and Rs 8,863 per ten gm, respectively.

Both the yellow metals edged down and closed at Rs 8,805 and Rs 8,857 per ten gm with a loss of Rs 55 for standard gold and Rs 53 for pure gold from its last close.

There was lack of fresh demand from ornament-makers in view of discouraging advice from the global centres.

At London, the yellow metal also fell at USD 602/603 per troy ounce compared to USD 603/604 per troy ounce at New York on Monday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,581 (18,733) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,805 (8,860) Pure gold 99.9 purity : Rs 8,857 (8,910).

UNI VD MJ AW1836