Silver, Gold end lower on bearish global advice

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Mumbai, Apr 29: Both the precious metals today ended lower with Silver declining by Rs 65 per kg and Gold by Rs 10 per ten gm on lack of buying enquiries by jewellery makers and bearish global advice, traders at the Bombay Bullion Association (BBA) said.

Silver .999 fineness variety opened downward at Rs 22,895 per kg on lack of demand from industrial users. Later, it improved and closed at Rs 22,935 per kg with a loss of Rs 65 per kg from its previous finish. There was sustained heavy offers by stockists, induced by bearish advice from global markets. In the yellow metal segment, standard gold (99.5 purity) and pure gold opened low at Rs 11,610 and Rs 11,670 respectively due to thin buying support.

Later, both standard and pure gold further declined towards the end of the session at Rs 11,605 and 11,665 per ten gm respectively.

Both the prices eased by Rs 10 each from their previous close. There was thin buying support even at the current low level by jewellery makers.

The yellow metal was quoted low at USD 884.25 /885.85 per troy ounce at London from its last close while Silver moved downward at 16.73/16.74 per troy ounce from its last finish, which led to downward trend in domestic prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 22,935 (23,000) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,605 (11,615) Pure gold 99.9 purity: Rs 11,665 (11,675)


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