Gold, Silver down on bearish global advice

Mumbai, Aug 9 (UNI) Both the precious metals today declined on bearish global advice with Silver down by Rs 75 per kg and Gold by Rs 45 per ten gm, traders at the Bombay Bullion Association said.

Silver (fineness) .999 ready variety opened lower at Rs 18,050 per kg on lack of fresh industrial users demand. Later, it closed again in the red at Rs 17,980 per kg with a loss of Rs 75 from its previous close of Rs 18,055.

In London, Silver was low at USD 12.90/12.92 per troy ounce as compared to its last close of USD 13.10/13.12.

Similary, spot standard Gold (99.5) and pure Gold (99.9) resumed also lower at Rs 8,850 and Rs 8,900 per ten gm respectively in the absence of fresh buying support by local dealers.

Later, both the metals drifted further lower to close negative at Rs 8,810 for standard mint and for pure Gold at Rs 8,860 per ten gm with a loss of Rs 45 each from its last close.

Traders attributed the downward trend to thin ornament makers demand in view of bearish advice from global and upcountry markets.

In the overseas market, Gold was down at USD 667.25/668.50 per troy ounce against USD 672.25/675.50 in last finish.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,980 (18,055) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,810 (8,855) Pure gold 99.9 purity : Rs 8,860 (8,905) UNI