Gold declines at Rs 12,075: BBA

Mumbai, Mar 20: Both the precious metals crashed today as gold fell to a months low at Rs 12,075 and silver came down to a three weeks low at Rs 22,890 on weak global advice, traders at the Bombay Bullion Association said. Silver slipped by Rs 2,025 per kg and gold by Rs 905 per ten gm in a single day.

The precious metals plunged following the dollar's fall against the Yen and there was panic selling in the international market. Oil prices also declined heavily, traders said. Standard gold (99.5 purity) opened downward at Rs 12,305 per ten gm and pure gold (99.9 variety) at Rs 12,360 per ten gm on persistent offloading by stock holders. Later, standard gold and pure gold further eased and closed at Rs 12,075 and 12,135 losing by Rs 905 and Rs 900 from their last finish respectively.

Silver (.999 fineness) variety resumed low at Rs 23,630 per kg on lack of fresh demand. Later, it slipped and closed at Rs 22,890, heavily down by Rs 2,025 per kg from its previous close. Reports from London and Asian markets said the yellow metal was quoted around USD 920.00/922.50 per troy ounce from its previous close, while the white metal was at USD 17.60/17.62 from its last close.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 22,890 (24,915) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,075 (12,980) Pure gold 99.9 purity: Rs 12,135 (13,035).

UNI