Silver, Gold down on bearish advice from global markets

Mumbai, Nov 12 (UNI) Both the precious metals today slid downwards with Silver declining by Rs 235 per kg and Gold by Rs 201 per ten gm on lack of ornament makers demand and bearish advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) variety was quoted below the Rs 20,000 mark and opened lower at Rs 19880 per kg on lack of demand from local industrial users and coin makers.

Later, the white metal closed lower again at Rs 19,890 per kg with a major loss of Rs 235 per kg from its previous close.

Traders said there was sluggish demand from industrial users and Sellers were keen to sell their stocks in view of bearish advice from global markets.

In New York, London and other markets, the white metal touched a low of USD 15.00/15.04 per troy ounce against USD 15.25/15.35 per troy ounce on the previous day, traders added.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) resumed lower at Rs 10,420 and Rs 10,470 per ten gms respectively on poor buying support from stockists. There was discouraging advice from international markets.

Later, standard mint gold closed lower at Rs 10,410 per ten gm and pure gold at Rs 10,460. Standard mint gold slumped by Rs 201 per ten gm while pure gold fell by Rs 181 from their last close.

In London, New York and Asian markets, gold today was quoted at USD 812.50/815.00 per troy ounce as compared to USD 825.50/835.00 per troy ounce the previous day, which reflected the downward trend in both the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,890 (20,121), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,410 (10,611), Pure gold 99.9 purity: Rs 10,460 (10,641).

UNI