Silver, Gold dip again

Mumbai, Nov 16 (UNI) The precious metals today suffered a further setback with Silver crashing by Rs 350 per kg and Gold by Rs 205 per ten gm on heavy offloading by stock-holders along with discouraging advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) variety was quoted below Rs 19,600 mark and resumed low at Rs 19,295 per kg on thin industrial users demand in the face of larger stocks at the domestic markets.

Later, the white metal drifted again lower towards the end of the session and closed at Rs 19,300 per kg with a major loss of Rs 350 per kg from its previous close. White metal prices have crashed steeply by Rs 450 in the last two days.

Traders said there was selling pressure of stocks in view of discouraging advice from global markets. Local demand was marginal from industrial users.

In New York, London and other markets, the white metal was quoted lower at USD 14.50/14.55 per troy ounce against USD 14.75/14.85 per troy ounce the previous day, traders added.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) touched a low of Rs 10,300 and both the prices resumed lower at Rs 10,075 per ten gm for standard mint gold and for pure gold at Rs 10,125 per ten gms on renewed selling pressure from stockists.

Later, the both prices closed at the same level of today's opening rates.

Prices of standard mint gold and pure gold finally declined steeply by Rs 205 per ten gm each from their last close.

In London, New York and Asian markets, gold today was quoted low at USD 790.50/792.00 per troy ounce as compared to USD 804.50/806.00 per troy ounce the previous day, which affected to downward trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,300 (19,650) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,075 (10,280) Pure gold 99.9 purity: Rs 10,125 (10,330) UNI AR OBB AG1842