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Precious metals decline

Written by: Staff

Mumbai, Nov 10 (UNI) The bullion market on the first day of Vikram Samvat 2064 closed on a negative note with silver dipping by Rs 104 per kg and gold by Rs 14 per ten gm on lack of festive demand, traders at Bombay Bullion Association said today.

Silver (.999 fineness) opened low at Rs 20,100 per kg on lack of demand from local industrial users and coin makers.

Later, the white metal closed at Rs 20,121 per kg with a loss of Rs 104 per kg from its previous close. Traders said there was sluggish demand from bulk consumers.

In New York, London and other markets, the white metal touched a low of USD 15.58/15.62 per troy ounce against USD 15.60/15.65 per troy ounce on the previous day, traders added.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) resumed low at Rs 10,600 and Rs 10,625 per ten gms respectively on poor buying support from stockists. There was no encouraging advice from international markets.

Later, standard mint gold closed at Rs 10,611 per ten gm and pure gold at Rs 10,641. Standard mint gold slumped by Rs 14 per ten gm while pure gold fell by Rs 29 from their last close.

In London, New York and Asian markets, gold today was quoted at USD 832.50/833.00 per troy ounce as compared to USD 835.50/836.00 per troy ounce the previous day, which reflected the downward trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 20,121 (20,225), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,611 (10,625), Pure gold 99.9 purity: Rs 10,641 (10,670).


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