Silver, Gold close downward on bearish global advices

Mumbai, July 17 (UNI) Both the precious metals showed a downward trend today with Silver crashing by Rs 100 per kg and Gold by Rs 55 per ten gm mainly on slack ornament makers demand coupled with bearish advices from global markets, traders at the Bombay Bullion Association said.

Silver fineness .999 opened lower at Rs 17,835 per kg on lack of fresh buying support. Later, it further drifted lower and closed low at Rs 17,835 per kg with a major loss of Rs 100 from its last close of Rs 17,935.

In London, Silver remained weaker at 12.92/12.94 per troy ounce, compared to its last close of 13.05/13.07 per troy ounce.

Similarly, standard gold (99.5) and pure gold (99.9) also opened low at Rs 8,730 and at Rs 8,775 per ten gm on lack of fresh demand.

Later, the yellow metal eased steeply and closed at Rs 8,710 and Rs 8,760 per ten gm. with a major loss of Rs 50 for standard mint and for pure gold by Rs 55 per ten gm from their last close.

In the London market, gold was quoted lower at 660/662 per troy ounce against 666/668 per troy ounce, which major impact on domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,835 (17,935) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,710 (8,760) Pure gold 99.9 purity : Rs 8,760 (8,805) UNI