Silver, Gold plunge on weaker global cues

Mumbai, Nov 28 (UNI) The precious metals today plunged downwards with Silver sliding by Rs 405 per kg and Gold by Rs 330 per ten gm on heavy panic selling pressure by stockists in view of discouraging advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) was quoted below the Rs 19,600 barrier and opened low at Rs 19,205 on poor buying support from industrial users even at the current low levels in the face of better arrivals of stocks.

Later, the white metal again came down to close in the red at Rs 19,255 with a major loss of Rs 405 from its last close.

White metal price crashed steeply by Rs 510 in last two days.

There was sustained heavy offers by stock-holders in view of weaker advice from global markets.

In New York, London and other markets, the white metal was quoted lower at USD 14.45/14.30 per troy ounce against USD 14.65/14.75 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) also touched below the Rs 10,600 level and resumed lower at Rs 10,370 per ten gm and Rs 10,240 per ten gm respectively compared to 10,625 and Rs 10,675 earlier due to improved selling pressure by stockists.

Later, both the prices drifted lower toward the end of the session at Rs 10,295 per ten gm for standard mint gold and for pure gold at Rs 10,345 per ten gm.

Both the prices have crashed steeply by Rs 330 each from their last close. Yellow metal has crashed by Rs 400 in last two sessions.

There was lack of fresh ornament makers demand even at the current low levels in view of bearish advice from global markets.

In London and New York, Yellow metal was quoted lower at USD 800.25/812.50 per troy ounce compared to USD 820/825 the previous day, which led to downward trend in both the precious metals, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,255 (19,660) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,295 (10,625) Pure gold 99.9 purity: Rs 10,345 (10,675) UNI AR OBB SKB1831