Silver ends low, Gold gains in closing

Mumbai, May 27: A mixed trend was witnessed in precious metals today with Silver declining by Rs 20 to close lower at Rs 24,935 per kg and Pure Gold gained by Rs 40 to close at Rs 12,895 per ten gm on bullish advices, traders at the Bombay Bullion Association said. In the yellow metal segment (per ten gm), standard gold (99.5 purity) and pure gold (99.9 purity ) grades resumed high at Rs 12,880 per ten gm and Rs 12,930 per ten gm on fresh demand from jewellery makers.

Later, both the prices rallied againd and closed upward at Rs 12.835 for standard mint and pure gold at Rs 12,895 per ten gm. Both the prices rose by Rs 35 for standard mint and for pure gold by Rs 40 from their last close. There was fresh speculative demand from jewellery makers, induced by bullish global advice. Imported gold was costlier by 25 per cent against the current rates at the domestic prices. In London and Asian countries, the yellow metal touched high at 922.30/928.80 per troy ounce against 920.20/923.50 on earlier day. But Silver .999 fineness variety crossed Rs 25,000 mark and opened high at Rs 25,050 per kg on scattered industrial demand by local dealers.

Later, it closed in the red at Rs 24,935 per kg, with a small loss of Rs 20 per kg from its previous finish, on increased offers by stockists in the face of lack of fresh buying support from local industrial users.

In London and Asian countries, the white metal touched USD 18.10/18.15 against 18.20/18.22 per troy ounce, on earlier day, which reflected the downward trend in the domestic prices, traders said. Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,935 (24,955) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,835 (12,800) Pure gold 99.9 purity: Rs 12,895 (12,855)

UNI