Silver, gold close lower on bearish global advice

Mumbai, May 20 (UNI) After the upward march for the last one week, both the precious metals today slid with Silver closing lower by Rs 55 at Rs 23,975 per kg and Gold by Rs 10 at Rs 12,560 per ten gm on poor ornament makers demand in view of bearish advice from global markets, traders at the Bombay Bullion Association said.

In the yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 purity) opened lower at Rs 12,500 and Rs 12,565 per ten gm respectively, due to thin jewellery makers demand.

Later, standard mint gold closed lower agan at Rs 12,500 per ten gm and pure gold at Rs 12,560 per ten gm. The prices came down by Rs 15 for standard mint and Rs 10 for pure gold from their last close.

Silver .999 fineness variety was quoted below Rs 24,000 mark and resumed low at Rs 23,975, on poor demand from industrial users.

Later, it closed at same level of opening rate but overall it declined by Rs 55 per kg from its previous finish on sustained offers by stockists. Local buyers were cautious on expectation of both the prices likely to fall again in the near future.

In London, the yellow metal moved lower at USD 907/9 to 908.80 per troy ounce as compared to 905.50/906.20 on previous day, while white metal was quoted lower at USD 17.05/17.15 per troy ounce from its previous level which reflected the downward trend in domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 23,975(24,030) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,500 (12,515) Pure gold 99.9 purity: Rs 12,560 (12,570) UNI AR OBB SKB1817