Silver, Gold end at nearly 3 week's low on weaker global advices

Mumbai, Sep 5 (UNI) Values of standard gold and silver today ended to nearly three weeks' low at Rs 11,605 per ten gm and Rs 20,210 per kg respectively from their last finish on sustained heavy selling by stockists and bearish advices from global markets, traders at the Bombay Bullion Association said.

While gold suffered a major loss of Rs 105 to be at Rs 11,605 per ten gm, silver with a massive loss of Rs 315 was at Rs 20,210 per kg.

Prices of yellow and white metals plummited by Rs 335 per ten gm and Rs 1,035 per kg respectively in the last three working days. Both silver and gold are likely to be quoted below Rs 16,000 per kg and Rs 10,000 per ten gm respectively during the coming Dussera and Diwali festivals, leading traders said.

Silver .999 finesses variety was quoted below the Rs 20,500 mark, after opening at Rs 20,185 per kg on poor demand by local industrial users. Later, the white metal closed nearly three week's low at Rs 20,210 with a big loss of Rs 315 from its previous day's close on sustained selling pressure by stock holders in view of subdued advices from global cues.

Similarly, standard and pure gold opened lower at Rs 11,590 and Rs 11,655 per ten gm respectively on improved offering by stock holders. Later, the prices crashed steeply again by Rs 105 for standard mint gold and for pure gold by Rs 100 from their previous levels.

Both the prices finally ended nearly three weeks' low at Rs 11,605 for standard mint and at Rs 11,670 per ten gm for pure gold, mainly on discouraging advices from global centres coupled with sluggish demand from jewellery makers, dealers said.

In Asian and London markets, the yellow metal was quoted again below USD 800 barrier and touched a low at USD 795.30/798.50 per troy ounce against USD 808.70 to 815.50 per troy ounce and white metal also was quoted below USD 17.00 level and touched a low at USD 12.75/12.80 per troy ounce against USD 13.05 to 13.15 earlier.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 20,210 (20,525) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,605 (11,710) Pure gold 99.9 purity: Rs 11,670 (11,770) UNI AR SSS AG1853