Silver down on bearish global advice, Gold zooms up

By Staff
|
Google Oneindia News

Mumbai, Aug 16 (UNI) A mixed trend was witnessed in both the precious metals with Silver today plunging by Rs 105 per kg on bearish global advice even as Gold rose smartly by Rs 50 per ten gm on fresh buying support from ornament units, traders at the Bombay Bullion Exchange said.

Silver (fineness) .999 opened negative at Rs 17,630 per kg on thin demand from industrial users. Later, it drifted lower again and closed at Rs 17,605 per kg with a major loss of Rs 105 per kg from previous day's close.The white metal value had decreased by Rs 250 in the last three working days.

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

In London and other global centres, silver was down at USD 12.38/12.40 per troy ounce as compared to its last close of USD 12.55/12.60. 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 firm at Rs 8,885 and Rs 8,835 per ten gm respectively on renewed seaonal buying support from ornament makers.

Later, the yellow metal rallied again toward the close at Rs 8,895 per ten gm for standard mint gold and for pure gold at 8,945 per ten gms from their last close.

Traders said that there was some good seasonal ornament makers demand. Sellers reserved their stocks because of firm trend in yellow metal prices at international markets.

In London and other Asian countries, gold was quoted up between at USD 664.25 and 667.00 per troy ounce as compared to USD 651.50 and 662.25 per troy ounce on the previous day.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,605 (17,755) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,895 (8,845) Pure gold 99.9 purity : Rs 8,945 (8,895) UNI

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