Gold, Silver down on weaker global advice

Mumbai, Aug 22 (UNI) Both the precious metals suffered a setback today with Silver down by Rs 125 per kg and pure Gold by Rs 35 per ten gm on sustained heavy offers by stockists in view of bearish advice from global and upcountry markets, traders at the Bombay Bullion Exchange said.

Silver (fineness) .999 was quoted below Rs 16,900, touching a low of Rs 16,720 per kg during the opening session on thin fresh buying support mainly from Industrial users. Later, it eased again and closed in the red at Rs 16,815 per kg with a major loss of Rs 125 from its previous close. Local buyers were cautious even at the low levels in view of discouraging advice from London and Asian markets.

In London, New York and Asian markets, silver was also down at USD 11.70/11.75 per troy ounce compared to its last close of 11.80/11.85 per troy ounce.

Similarly, standard gold (99.5) and pure gold (99.9) also opened negative at Rs 8,765 and Rs 8,815 per ten gm respectively on renewed offers by local dealers.

Later, the yellow metal prices closed at same levels of the opening rates with a big loss of Rs 35 each from their last close.

Traders said ''There was lack of fresh ornament makers demand in view of weaker advice from global and upcountry markets. Sellers were keen to offer their stocks because of sufficient stocks at the domestic markets.

In London and other countries, the yellow metal touched a low at USD 651/658 per troy ounce compared to USD 670/685 on earlier day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 16,815 (16,940) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,765 (8,800) Pure gold 99.9 purity : Rs 8,815 (8,850) UNI