Gold falls to seven-month low, silver too declines

Mumbai, May 23 (UNI) Gold today fell to a seven-month low and closed at Rs 8,755 per ten gm with a loss of Rs 50, while silver fell by Rs 135 per kg on weak global advices on the Bombay Bullion Exchange.

Standard gold (99.5) and pure gold (99.9) opened weak at Rs 8,720 and Rs 8,770 per ten gm respectively on lack of fresh demand.

Later, the yellow metals fell to a seven-month low and closed at Rs 8,705 and Rs 8,755 with a loss of Rs 50 each from their yesterday's close.

In London, gold also fell to USD 661.00/663.00 per troy ounce as compared to USD 661.00/664.00 per troy ounce in New York on Tuesday.

Simiarly, silver fineness .999 opened low at Rs 18,230 per kg on poor demand. Later, it eased further and closed at Rs 18,215 with a huge loss of Rs 135 from its last close.

In London, silver fell to USD 13.00/13.05 per troy ounce against USD 13.05/13.08 per troy ounce in New York.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,215 (18,350), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,705 (8,755), Pure gold 99.9 purity : Rs 8,755 (8,805).

UNI