Silver falls by Rs 350 per kg, gold by Rs 140 per 10 gms

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Mumbai, Dec 1 (UNI) Both precious metals today slashed further with silver falling by Rs 350 per kg and gold by Rs 140 per ten gm owing to sustained heavy selling pressure, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) opened low at Rs 18,780 on thin buying support from industrial users.

Later, the white metal slightly declined and closed at Rs 18,750 with a massive loss of Rs 350 per kg from its last close.

There were increased offers from stock-holders in view of weaker advice from global markets.

In New York, London and other markets, the white metal was quoted low at USD 14.12/14.15 per troy ounce against USD 14.15/14.18 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) also resumed lower at Rs 10,095 per ten gm and Rs 10,150 per ten gm respectively on thin buying support by local dealers.

Later, standard gold closed at the opening level at Rs 10,095 and pure gold further eased and closed at Rs 10,145 per ten gm, falling by Rs 140 per ten gm from their last close.

Traders said there was poor ornament makers demand even at the current low levels in view of bearish advice from global markets.

In London and New York, the yellow metal was quoted at USD 791.25/792.50 per troy ounce compared to USD 793.25/795.50 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 18,750 (19,100) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,095 (10,235) Pure gold 99.9 purity: Rs 10,145 (10,285) UNI NV MAZ AG1530

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