Precious metals decline on weak global advices

Mumbai, July 2: Both the precious metals declined on weak global advices with Silver down by Rs 110 per kg and Gold by Rs five per ten gm on poor demand, traders at the Bombay Bullion Association said today.

Silver fineness .999 resumed on a weak note at Rs 17,315 per kg on poor demand. Later, it improved smartly and closed at Rs 17,400 per kg, with a huge loss of Rs 110 from Friday's close of Rs 17,510.

The bullion market remained closed on Saturday due to heavy rains.

Similarly, standard gold (99.5) also opened low at Rs 8,590 per 10 gm on thin buying support and later fell and closed at Rs 8,610 per 10 gm, with a loss of Rs five from its last close.

Pure gold (99.9) also opened low at Rs 8,640 per ten gm on lack of fresh demand and it remained steady and closed at its previous level of Rs 8,660.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,400 (17,510), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,610 (8,615) Pure gold 99.9 purity : Rs 8,660 (8,660).

UNI