Silver, gold close softer on weaker global advice

Mumbai, Sep 22 (UNI) After yesterday's bullish phase in both the precious metals, spot silver and gold today closed in southern direction as silver eased by Rs 40 per kg and gold by Rs 45 per ten gm on increase in offers by stockists in view of bearish advice from global and upcountry markets, traders at the Bombay Bullion Association said.

Silver fineness opened at a low at Rs 18,090 per kg on lack of demand at yesterday's high level from industrial users.

Later, it closed at the same level of opening rate with a modest loss of Rs 40 from the previous day's close on sustained selling pressure along with bearish advice from global and upcountry markets.

In London, New York and Asian countries, white metal touched a negative at USD 13.50/13.53 per troy ounce against USD 13.55/12.58 per troy ounce, the previous day.

Similarly, standard gold (99.5) and pure gold (99.9) also opened low at Rs 9,520 and Rs 9,470 per ten gm respectively on thin ornament makers demand.

Later, the yellow metal drifted again lower and closed low at Rs 9,470 per ten gm for standard mint and pure gold at Rs 9,520 per ten gm.

Both the prices declined modestly by Rs 45 each from their last close.

Sellers were keen to sell their stocks in view of discouraging advice from global and upcountry markets.

In London, New York and Asian markets, Yellow metal was up at USD 730.25/732.00 per troy ounce as compared to USD 735.25/738.50 per troy ounce the previous day.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,090 (18,130) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,470 (9,515) Pure gold 99.9 purity : Rs 9,520 (9,565) UNI