Precious metals decline on bullish advice

Mumbai, Jul 23: Both the precious metals heavily declined on the bullion market on Wednesday, July 23, as silver fell by Rs 655 per kg to open at Rs 25,230, while gold also slipped by Rs 485 per ten gm to open at Rs 12,940 on sustain heavy selling pressure by ornament makers along with weak global cue, from its last close, traders at the Bombay Bullion Association said.

Like domestic, in international market also both the precious metals witnessed a downward trend as Gold traded at USD 940.50/941.50 an ounce compared with USD 948.30/949.90, while silver edged down to USD 17.67/17.68 an ounce from USD 18.00/18.08 late in New York. Oil prices fell to a six-week low yesterday on concerns over sliding U.S. energy demand leads the precious metals lost its shine, Singapore market report said.

Following were the opening domestic spot rates: Silver (per kg) 999 fineness grade: Rs 25,230 Gold (per 10 gm): 99.5 purity standard mint: Rs 12,940 99.9 purity pure gold: Rs 13,000.

UNI