Silver, Gold ease on weak global advice

Mumbai, Sep 4 (UNI) The precious metals moved further downward today with Silver ending at a nearly two week's low at 20,525 per kg and standard gold closed at Rs 11,710 per ten gm on sustained heavy offloading by stockists and weak global advice, traders at the Bombay Bullion Association said.

Trading resumed after yesterday's holiday and Silver was quoted below the Rs 21,000 mark, opening at Rs 20,660 per kg with a loss of Rs 345 on lack of fresh demand by local dealers. Later, the white metal closed at Rs 20,525 with a big loss of Rs 480 from its previous day's close, on sustained selling pressure by industrial users.

Standard gold and pure gold opened lower at Rs 11,715 and Rs 11,775 respectively, on renewed offering by stock holders. Later, the prices eased again by Rs 15 for standard mint gold and for pure gold by 25 from their previous levels.

Both the prices ended low at Rs 11,710 for standard mint and for pure gold at Rs 11,770 per ten gm, mainly on discouraging advices from global centres. a leading dealer said.

In Asian and London markets, the yellow metal was quoted low at USD 809.70/810.50 per troy ounce against USD 818.25 to 825.50 per troy ounce and white metal touched a low at USD 13.05/13.10 per troy ounce against USD 13.25 to 13.35 earlier.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 20,525 (21,005) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,710 (11,725) Pure gold 99.9 purity: Rs 11,770 (11,795) UNI AR OBB AG1851