Silver and Gold declines on weak global advice

Mumbai, Dec 17 (UNI) Precious metals declined on lack of fresh demand due to weak global advice as silver modestly fell by Rs 35 per kg and gold by Rs 15 per ten gm, at the Bombay Bullion Exchange, during the week ended December 15 as the bullion market remained closed on December 16 to mourn the death of a member.

Silver .999 fineness grade opened low on Monday at Rs 20,275 per kg on poor demand from domestic industrial users.

The white metal recorded a high of Rs 20,430 on December 12 and low on December 15 of Rs 20,260 per kg before finally closing at Rs 20,260 per kg during the weekend with a loss of Rs 35 from its previous week-end close, on sustained heavy selling pressure from ornament makers, traders said.

The trend was marked in global markets as Silver rose to USD 13.73/13.76 per troy ounce during the week ended on Friday compared to the previous week-end close of USD 13.70/13.73 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened flat on Monday at Rs 9,110 per ten gm on moderate demand while pure Gold (99.9 fineness) also opened steady at Rs 9,160 per ten gm on moderate demand from ornament makers.

The yellow metal registered a high at Rs 9,180 for standard mint and Rs 9,225 for pure Gold on December 12.

Standard mint Gold recorded low of Rs 9,095 per ten gm on December 15. Likewise, pure Gold registered also a low of Rs 9,145 per ten gm on December 15. Finally, both the yellow metal closed low at Rs 9,095 for standard gold and Rs 9,145 for per gold with a loss of Rs 15 each from its last week's close.

Meanwhile, in London, Gold went up at USD 622/626.00 per troy ounce during the week ended December 15 against the previous week's close of USD 620.50/625.00, traders said.

UNI VD PM AW0950