Silver, Gold close lower on weak advice from global markets

Mumbai, Nov 20 (UNI) The precious metals today closed lower with Silver declining by Rs 175 per ten kg and Gold by Rs 15 per ten gm on increased offers by stockists along with bearish advice from London and Asian markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) was quoted below the 19,000 mark and opened lower at Rs 18,980 on poor industrial demand and better ready stocks.

Later, the white metal again drifted lower and closed negative at Rs 19,155 per kg with a loss of Rs 175 from its previous close.

There was sustained heavy offers by stockists in view of discouraging advice from global markets.

In New York, London and other markets, the white metal was quoted lower at USD 14.35/14.50 per troy ounce against USD 14.45/14.55 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) was quoted below Rs 10,000 and resumed at Rs 9,965 per ten gm while pure gold (99.9 purity) opened lower at Rs 10,010 per ten gm on increased selling pressure by stockists.

Later, both the prices closed low at Rs 10,060 per ten gm for standard mint gold and for pure gold at Rs 10,105f per ten gm.

Both the prices eased modestly by Rs 10 for standard mint and for pure gold by Rs 15 from their last close.

There was thin ornament makers demand along with bearish advice from global markets.

In London, New York and Asian markets, gold today was quoted low at USD 783.50/790.00 per troy ounce as compared to USD 785.50/795.00 per troy ounce the previous day, which affected the downward trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,155 (19,330) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,060 (10,070) Pure gold 99.9 purity: Rs 10,105 (10,120) UNI AR OBB AG1828