Silver slips on bearish global advice, Gold steady

Mumbai, Aug 14 (UNI) Silver today crashed by Rs 65 per kg on bearish global advice even as Gold remained unchanged due to moderate buying support from ornament units, traders at the Bombay Bullion Exchange said.

Silver (fineness) .999 opened lower at Rs 17,790 per kg on thin demand from industrial users. Later, it drifted lower again and closed at Rs 17,755 per kg with a small loss of Rs 65 per kg from previous day's close of Rs 17,820.

Traders attributed the bearish phase to sustained heavy offers by stockists in view of discouraging advice from abroad and upcountry markets.

In London, silver was down at USD 12.80/12.84 per troy ounce as compared to its last close of USD 12.85/12.90. Asian market also ruled weaker on persistent selling pressure by global operators, traders pointed out.

Spot standard gold (99.5) and pure gold (99.9) however, opened steady at Rs 8,845 and Rs 8,895 per ten gm respectively on moderate buying support from ornament makers.

Later, the yellow metal closed flat at Rs 8,845 per ten gm for standard mint gold and for pure gold at 8,895 per ten gms from their last close. The current demand was moderate because of minor changes in yellow metal prices at international markets.

In London, gold was in minor variation at USD 670.25/672.00 per troy ounce as compared to USD 671.50/672.25 per troy ounce on the previous day.

Trading in bullion market will remained closed tomorrow on account of Independence day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,755 (17,820) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,845 (8,845) Pure gold 99.9 purity : Rs 8,895 (8,895) UNI