Silver, gold dip on bearish global advice

Mumbai, Oct 21 (UNI) The precious metals today drifted lower as Gold eased by Rs 130 per ten gm and Silver by Rs 15 per kg on thin demand from local dealers in view of weaker global cues, traders at the Bombay Bullion Association (BBA) said.

The white metal opened low at Rs 18,005 per kg on poor buying support from local dealers. Finally, it ended weaker at Rs 18,050 with a lose of Rs 15 from its last finish on sustained heavy selling pressure by stockists in view of discouraging advice from global markets.

Similarly, standard and pure gold resumed down at Rs 12,655 and Rs 12,710 per ten gm respectively, on lack of demand by ornament makers. Both the prices of standard and pure gold declined by Rs 130 and Rs 125 per ten gm respectively from their last close on offloading by stockists induced by bearish advice from global markets.

Gold and Silver prices were quoted weaker at USD 777.50 to 782.25 per troy ounce and USD 9.70 to 9.85 per troy ounce respectively from their previous levels in global markets, which led to downward trend in the domestic prices, a dealer pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 18,050 (18,065) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,525 (12,735) Pure gold 99.9 purity: Rs 12,585 (12,800) UNI AR OBB SKB1835