Today: Silver and Gold Prices in India
Precious metals continue to decline
Mumbai, Aug 11 (UNI) Both the precious metals continued their downward trend today, as Gold further declined by Rs 60 at Rs 14,810 per ten gm and Silver eased marginally by Rs five at Rs 23,445 per kg on lack of buying enquiries from stockists, traders at the Bombay Bullion Association said. India’s gold consumption is expected to increase 11% in 2005, because of the lower gold prices and an increase in promotion activities by India Gold Jewelry manufacturers, a senior bullion trader in India told Dow Jones Newswires.
The yellow metal has slumped by Rs 160 and the white metal by Rs 150 in the last three sessions.
Standard gold and pure gold fell by Rs 75 per ten gm each in the opening session, and ended the session at Rs 14,810 and Rs 14,880 per ten gm respectively with a loss of Rs 60 per ten gm.
Silver resumed down by Rs 30 at Rs 23,420 per kg on low buying support from industrial users. However, it later recovered and settled at Rs 23,445, down by Rs five per kg from its last close.
In London and Asian bullion markets also a bearish trend was seen as gold was quoted low at USD 950.00/950.25 per troy ounce and silver at USD 14.43/14.44 per troy ounce, traders informed.
Following were the closing rates of spot silver and gold: Silver (per kg) .999 grade : Rs 23,445 (23,450) Gold (per 10 gm): Gold 99.5 purity standard mint : Rs 14,810 (14,870) Gold 99.9 purity pure gold : Rs 14,880 (14,940)
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