Silver, Gold down on bearish advice from International mkts

Mumbai, Aug 1 (UNI) Silver and Gold today closed softer on lack of fresh ornament makers demand in view of bearish advice from International markets with the white metal down by Rs 145 per kg and Gold by Rs 60 per ten gms, traders at the Bombay Bullion Association said.

Silver (fineness) variety resumed lower at Rs 17,705 per kg on thin buying support by local dealers. Later, it drifted further lower and closed in the red at Rs 17,700 per kg. with a major loss by Rs 145 from its last close on sustained heavy offers by stock-holders. Buyers were cautious even at the current low levels in view of bearish advice from global markets.

In London, silver was down at USD 12.80/12.82 per troy ounce as compared to its last close of USD 13.04/13.12.

Similarly, spot standard gold (99.5) and pure gold (99.9) opened also weaker at Rs 8,715 and Rs 8,765 per ten gm respectively on thin buying support from local dealers.

Later, standard gold and pure gold closed lower at Rs 8,700 and Rs 8,750 per ten gm respectively. The prices crashed steeply by Rs 60 each from their last close. Sellers were eager to sell their stocks due to discouraging advice from London and New York markets.

In the London market, gold was negative at 660/662 per troy ounce against 666/668 per troy ounce, which reflected the downward trend in domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,700 (17,845) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,700 (8,760) Pure gold 99.9 purity : Rs 8,750 (8,810) UNI