Silver and Gold eases on bearish global advice

Mumbai, Dec 24 (UNI) Spot Silver and Gold eased on bearish global advice as Silver fell massively by Rs 1,100 per kg and gold by Rs 85 per ten gm, at the Bombay Bullion Exchange, during the week ended December 23.

Silver .999 fineness grade opened low on Monday at Rs 19,505 per kg on poor demand from domestic industrial users.

The white metal recorded a high of Rs 19,490 on December 18 and low on December 22 of Rs 19,015 per kg before finally closing at Rs 19,160 per kg during the weekend with a massive loss of Rs 1,100 from its previous week-end close, on trades were keen to sell their stocks, traders said.

The trend was marked in global markets as Silver lowered to USD 12.50/12.55 per troy ounce during the week ended on Friday compared to the previous week-end close of USD 12.50/12.55 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened weak on Monday at Rs 8,995 per ten gm on sluggish demand while pure Gold (99.9 fineness) also opened low at Rs 9,045 per ten gm on thin buying support from ornament makers.

The yellow metal registered a high at Rs 9,055 for standard mint and Rs 9,105 for pure Gold on December 20.

Standard mint Gold recorded low of Rs 8,985 per ten gm on December 19. Likewise, pure Gold registered also a low of Rs 9,030 per ten gm on December 19. Finally, both the yellow metal closed low at Rs 9,010 for standard gold and Rs 9,060 for per gold with a huge loss of Rs 85 each from its last week's close.

Meanwhile, in London, Gold came down at USD 618/620.50 per troy ounce during the week ended December 22 against the previous week's close of USD 623.50/626.00, traders said.

UNI NV/VD KU AW1042