Silver, Gold down on weaker global advices

Mumbai, Oct 3: Both the precious metals drifted lower today with spot Silver easing modestly by Rs 50 per kg and gold by Rs 50 per ten gm from their previous close on increase in offers by stockists in view of bearish advices from global and upcountry markets, traders at the Bombay Bullion Association said.

Silver .999 fineness opened lower at Rs 18,125 per kg on thin demand from industrial users. Later, it was quoted below of Rs 18,100 barrier, closing at a low of Rs 18,090, recording a loss of Rs 50 from the previous day's close, on sustained heavy offers by stockists and bearish advices from global and upcountry markets.

In London, New York and Asian markets, the white metal touched a low at around 13.38/13.43 US Dollars per troy ounce against USD 13.45/13.55 per troy ounce, the previous day.

Similarly, standard gold (99.5) and pure gold (99.9) resumed lower at Rs 9,495 and Rs 9,545 respectively on lack of fresh buying support in view of 'shradh' period, which will be on till October 10.

Later, both the yellow metals drifted further lower and closed in negative territory at Rs 9,440 for standard mint gold and pure gold at Rs 9,490 per ten gm, with a modest loss of Rs 50 each from their last close. Sellers were early to sell their stocks because of discouraging advice from global and upcountry markets.

In the overseas markets, gold eased at around USD 730.25/735.00 per troy ounce, compared to USD 440.25/745.50 per troy ounce on the previous day, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,090 (18,140) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,440 (9,490) Pure gold 99.9 purity : Rs 9,490 (9,540)

UNI