Silver, gold slide further

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Mumbai, Sep 10 (UNI) Both the precious metals plunged further today with Silver nosediving by Rs 480 per kg and Gold slid by Rs 215 per ten gm on heavy offloading by stock-holders in view of weak global advice, traders at the Bombay Bullion Association said.

Silver .999 finesses variety opened lower at Rs 19,085 per kg on thin demand by local industrial users. Later, the white metal closed again low at Rs 19,300 with a big loss of Rs 480 from its previous day's close on sustained heavy selling pressure by stock holders.

Similarly, standard and pure gold opened lower at Rs 11,460 and Rs 11,525 per ten gm respectively on poor demand by ornament makers.

Later, both prices came down by Rs 215 for standard mint gold and for pure gold by Rs 225 from their previous levels.

Both the prices finally ended in the red at Rs 11,465 per ten gm for standard mint and at Rs 11,530 per ten gm for pure gold, mainly on sluggish demand from ornament makers coupled with weaker advices from global centres, dealers said.

In Asian and London markets, the yellow metal was quoted low at USD 770.10/780.50 per troy ounce against USD 784.50 to 795.30 per troy ounce and white metal also was quoted low at USD 11.30/11.42 per troy ounce against USD 11.80 to 11.92 earlier, which reflected in the downward trend in the domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 19,300 (19,780) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,465 (11,680) Pure gold 99.9 purity: Rs 11,530 (11,755) UNI AR OBB SKB1858

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