Gold, Silver decline on weak advice from International mkts

Mumbai, Aug 7 (UNI) Both the precious metals today declined on bearish global advice with Silver down by Rs 150 per kg and Gold by Rs 50 per ten gm, traders at the Bombay Bullion Association said.

Silver (fineness) .999 variety opened lower at Rs 17,910 per kg on lack of fresh industrial users demand. Later, it closed in the red at Rs 17,910 per kg with loss of Rs 150 from its previous close of Rs 18,060.

In London, silver was low at USD 12.96/12.98 per troy ounce as compared to its last close of USD 13.08/13.10.

Similary, spot standard gold (99.5) and pure gold (99.9) opened lower at Rs 8,810 and Rs 8,860 per ten gm respectively on thin buying support by local dealers.

Later, both the metals eased slightly to close weak at Rs 8,800 for standard mint and for pure gold at Rs 8,850 per ten gm with a loss of Rs 50 each from their last close. There was lack of fresh ornament makers demand in view of weaker advice from global and upcountry markets.

In the overseas market, Gold was down at USD 668.25/669.50 per troy ounce against USD 672/674 in last finish.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,910 (18,060) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,800 (8,850) Pure gold 99.9 purity : Rs 8,850 (8,900) UNI