Precious metals come down heavily on bearish global advice

Mumbai, Jan 7 (UNI) Both precious metals came down heavily on bearish global advices with Silver declining by Rs 815 per kg and Gold (99.5) by Rs 365 per ten gm during the week ended Jan 6 on the Bombay Bullion Exchange.

Silver .999 fineness grade opened lower on Monday at Rs 19,510 per kg on lack of fresh demand from domestic industrial users. The white metal recorded a high of Rs 19,695 on January 3 and low of Rs 18,720 per kg on January 6 before finally closing at the same rate of Rs 18,720 per kg from its previous close last weekend, traders said.

In the global markets, Silver closed to USD 12.20/12.25 per troy ounce during the week ended on Friday as compared to the previous weekend close of USD 12.18/12.20 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened flat on Monday at Rs 9,170 per ten gm followed by pure Gold (99.9 fineness) which also opened flat at Rs 9,215 per ten gm on moderate demand from ornament makers.

The yellow metal registered a high at Rs 9,210 on January 2 for standard mint and Rs 9,260 for pure Gold on the same day.

Standard mint Gold recorded a low of Rs 8,805 per ten gm on January 6. Likewise, pure Gold also registered a low of Rs 8,860 per ten gm on January 6. Finally, both the yellow metal closed lower at Rs 8,805 for standard Gold and Rs 8,860 for pure Gold with a massive loss of Rs 365 and Rs 355 respectively from their last week's close.

Meanwhile, in London, Gold came down to USD 620/623.50 per troy ounce during the week ended January 5 as compared to the previous week's close of USD 618.50/620.00, traders added.

UNI