Silver, gold end lower on thin demand

Mumbai, Dec 24 (UNI) Both the precious metals declined today with Silver down by Rs 40 per kg and Gold by Rs 20 per ten gm on sluggish demand despite the encouraging advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) variety resumed low at Rs 19,045 per kg on poor demand. Later, it closed downwards at the same opening level, with a small loss of Rs 40 per kg from its last close.

There were increased offers by stockholders in spite of strong advices from global markets.

In New York, London and other centres, the white metal was quoted higher at around USD 14.37/14.40 per troy ounce yesterday, against USD 13.90/13.95 per troy ounce the previous day. The global markets close for a few days from December 25 on account of Christmas, traders added.

However, values of standard mint gold (99.5 purity) and pure gold (99.9 purity) resumed lower at Rs 10,360 per ten gm and Rs 10,410 per ten gm respectively due to fresh better selling by local dealers.

Later, both standard and pure gold closed in the red at Rs 10,370 and Rs 10,420 per ten gm respectively. Finally, both the prices further eased modestly by Rs 20 each as compared to their previous close.

Traders said there was sluggish demand from ornament-makers despite of firm advices from global markets.

In London and New York, the yellow metal was quoted higher at around USD 810.25/811.50 per troy ounce as compared to USD 798.25/802.50 the previous day, traders added.

Following were the spot Silver and Gold closing prices: Silver (per kg) .999 grade Rs 19,045 (19,085) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,370 (10,390) Pure gold 99.9 purity: Rs 10,420 (10,440) UNI AR OBB AG1850