Mumbai, May 28: Silver and Pure Gold ended at a three-month low of Rs 24,170 per kg and Rs 12,460 per ten gm respectively, mainly on bearish advice from global markets coupled with better offers by stockists, traders at the Bombay Bullion Association said here today. Following were the closing rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 24,170 (24,935) Gold (per 10 gm): Gold 99.5 purity standard mint : Rs 12,405 (12,835) Gold 99.9 purity pure gold : Rs 12,460 (12,895)
In London market Gold extended losses to trade below $900 an ounce on Wednesday, as a sharp decline in oil prices lowered the metal's appeal as a hedge against inflation. Other precious metals followed gold, with platinum slipping more than 3 percent, silver falling 1.8 percent and palladium dropping around 1 percent in a broad commodities sell-off. Gold fell about 2 percent to a two-week low of $889.35 am ounce and was quoted at $893.70/894.70 at 1007 GMT, against $907.10/908.30 in New York late on Tuesday, when if fell about 2 percent.