Silver, gold dip on bearish global advice

Mumbai, Aug 13 (UNI) Both precious metals today closed soft owing to bearish global advice and poor demand from ornament makers, and silver eased by Rs 25 per kg and gold by Rs 25 per ten gm on the Bombay Bullion Exchange.

Silver (fineness) .999 opened lower at Rs 17,795 per kg on poor demand from industrial users. Later, it eased and closed low at Rs 17,820 with a small loss of Rs 25 per kg from previous day's close of Rs 17,845. There was sustained heavy offers by stockists in view of discouraging advice from abroad and upcountry markets.

In London, silver was down at USD 12.85/12.88 per troy ounce as compared to its last close of USD 12.90/12.95.

Similary, spot standard gold (99.5) and pure gold (99.9) also opened downwards at Rs 8,840 and Rs 8,890 per ten gm respectively on thin buying support from ornament makers.

Later, the yellow metals closed lower at Rs 8,845 per ten gm for standard mint gold and for pure gold at 8,895 per ten gms with a modest fall by Rs 25 each from their last close. The current demand was low because of discouraging advice from international markets.

In London, gold was low at USD 670.25/672.00 per troy ounce as compared to USD 673.50/674.25 per troy ounce on the previous day.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,820 (17,845) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,845 (8,870) Pure gold 99.9 purity : Rs 8,895 (8,920) UNI