Silver, Gold end at three month low

Mumbai, May 28 (UNI) Both the precious metals today ended at a three months low with Silver declining by a whopping Rs 765 to Rs 24,170 per kg and Pure Gold by Rs 435 to Rs 12,460 per ten gm on bearish advice from global markets coupled with better offers by stockists, traders at the Bombay Bullion Association said here.

Silver .999 fineness variety resumed low at Rs 24,335 per kg on thin industrial users demand. Later, it drifted lower towards the end of the session and closed at a three month low at 24,170 per kg with a massive loss of Rs 765 from its last close.

Similarly, in yellow metals, standard mint and pure gold also opened low at 12,595 per ten gm and Rs 12,655 per ten gm respectively. Later, both the prices ended at a three month low at Rs 12,405 per ten gm for standerd mint and for pure gold at Rs 12,460 per ten gm. Both the prices declined steeply by Rs 430 for standard mint gold and for pure gold by Rs 435 per ten gm from their last close.

Traders said ''There were heavy offers by stock-holders in view of discouraging advice from International markets. Local buyers were cautious because of which the prices are likely to fall further in the near future''.

In London and Asian markets, gold was quoted below 900 barrier and touched a low in a range of USD 891.90/892.40 per troy ounce against 909.50/910.50 the previous day and Silver touched a low at USD 17.21/17.25 per troy ounce compared to 17.54/17.58 per troy ounce from their last finish, which reflected the downward trend in the domestic prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,170 (24,935) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,405 (12,835) Pure gold 99.9 purity: Rs 12,460 (12,895) UNI AR OBB SKB1824