Silver, gold decline on lack of fresh demand

Mumbai, Feb 17: Both precious metals today declined on lack of fresh demand as silver fell by Rs 40 per kg and gold by Rs 10 per ten gm on the Bombay Bullion Exchange.

Silver fineness opened low at Rs 20,515 per kg and eased further and closed at Rs 20,495 per kg with a loss of Rs 40 from its Thursday's close.

In London, the white metal moved up at 13.97/13.99 per troy ounce against USD 13.95/13.97 per troy ounce in New York.

Similarly, standard gold (99.5) and pure gold (99.9) opened downward at Rs 9,575 and Rs 9,625 per ten gm on sustained heavy selling pressure.

Later, the yellow metal closed at its opening level with a loss of Rs 10 each from its previous close.

In London, the yellow metal rose at USD 668.80/669.50 per troy ounce as compared to USD 668.00/668.70 per troy ounce in New York on Friday.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 20,495 (20,535), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,575 (9,585), Pure gold 99.9 purity : Rs 9,625 (9,635).

UNI