Silver, Gold decline further on weak global advice

Mumbai, Dec 15 (UNI) Both the precious metals ended lower for the second consecutive day today with Silver declining by Rs 245 per kg and Gold by Rs 40 per ten gm owing to heavy selling pressure in view of bearish global advice, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) opened lower at Rs 18,605 on improved offers from stockists.

Later, the white metal closed in the red at Rs 18,625 with a big loss of Rs 245 per kg from its last close.

Traders said there was sustained selling pressure from stock holders because of discouraging advice from international markets.

Yesterday, in New York, London and other markets, the white metal was quoted lower at USD 14.38/14.40 per troy ounce against USD 14.42/14.44 per troy ounce the previous day, traders added.

Similarly, price of standard mint Gold (99.5 purity) and pure Gold (99.9 purity) resumed downward at Rs 10,135 per ten gm and Rs 10,185 per ten gm respectively on poor demand by local dealers.

Later, standard Gold and pure Gold closed lower at Rs 10,140 and Rs 10,190 per ten gm with a loss of Rs 40 per ten gm each from their last finish.

There was thin buying support by local ornament makers. Traders received a negative report from international market.

In London, New York and others, the yellow metal was quoted lower at USD 797.25/798.50 per troy ounce yesterday compared to USD 799.25/801.50 the previous day, traders added.

Following are the spot Silver and Gold closing prices: Silver (per kg) .999 grade Rs 18,625 (18,870) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,140 (10,180) Pure gold 99.9 purity: Rs 10,190 (10,230) UNI ARNV OBB SKB1608