Silver, Gold continue southward movement for second day

Mumbai, Aug 6 (UNI) A downward trend in precious metals continued for the second consecutive day today as Silver fell by Rs 110 per kg to close at Rs 23,990 and Gold declined by Rs 55 per ten gm to end at Rs 12,080 on lower buying support by industrial users along with bearish global trend, traders at the Bombay Bullion Association (BBA) said.

In two days, Silver has fallen by Rs 850 and Gold by Rs 390.

The white metal opened at Rs 23,905 per kg, on lack of demand by ornament makers to finally end at Rs 23,990, for a total loss of Rs 110 per kg from its previous close.

Standard gold and pure gold also opened low at Rs 12,025 and Rs 12,085 respectively, amid sustained heavy selling pressure by dealers.

Later, standard gold and pure gold closed at Rs 12,080 and Rs 12,150, sliding by Rs 55 and Rs 50 per ten gm respectively, on lack of buying enquiries in view of weak global advice from their previous close.

In London and Asian markets, gold was recorded at USD 884.25/885.70 per troy ounce, against 887.25/888.70, the previous day, while the white metal was quoted at USD 16.71/16.72 per ounce from USD 16.80/16.81 per ounce from its last close, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 23,990 (24,100) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,080 (12,135) Pure gold 99.9 purity: Rs 12,150 (12,200) UNI NV GS OBB SKB1833