Mumbai, Jan 16: Both precious metals plunged heavily with silver tumbling by Rs 325 per kg and gold by Rs 295 per ten gm on mild stockists offers and weak advice from overseas markets, traders at the Bombay Bullion Association (BBA) said.
Silver fineness (.999) purity opened low at Rs 20,600 per kg on poor buying support. Later, it further eased and closed at Rs 20395 per kg with a huge loss of Rs 325 per kg as compared to its last close. Silver has fallen by Rs 455 per kg over the past two days. In the London market, silver edged down at 16.09/16.10 per troy ounce, compared to its last close of 16.27/16.28 per troy ounce. Standard gold (99.5 purity) and pure gold (99.9) resumed down at Rs 11,340 and Rs 11,390 per ten gm respectively on sluggish demand from local ornament makers.
Later, the yellow metal slashed further and closed at Rs 11,230 and Rs 11,280, with a loss of Rs 295 for both standard gold and pure gold from their last close. Gold has declined by Rs 345 per ten gm over the past two days.
In the overseas market, gold slumped at 895.00/896.00 per troy ounce against 900.25/902.00 per troy ounce.
Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 20,395 (20,720) Gold (per 10 gm) Standard mint 99.5 purity: Rs 11,230 (11,525) Pure gold 99.9 purity: Rs 11,280 (11,575).