Silver slides by Rs 400, gold down by over Rs 100

Mumbai, Apr 24 (UNI) With some relief to buyers, prices of spot gold and silver today crashed with the yellow metal going down by over Rs 100, on bullish global advice, traders at the bullion market here said.

After Saturday's closing at Rs 9,440 and Rs 9,490 per ten gm, standard mint gold (99.5 purity) and pure gold (99.9 purity) today opened weak at Rs 9,320 and Rs 9,370 per 10 gm, respectively.

Both the yellow metals then got still weaker and closed at Rs 9,300 and Rs 9,350 per ten gm, respectively, with a huge loss of Rs 140 each from their Saturday's close.

There was lack of fresh demand by ornament-makers on sustained heavy selling pressure, in view of ongoing marriage season.

Gold in London was also quoted low at USD 620/628 per troy ounce from the previous close of USD 630/635 per troy ounce in New York on Friday.

Besides, silver .999 fineness variety opened downward at Rs 20,785 per kg and closed at Rs 21,180 per kg with a massive loss of Rs 400 from its last close.

There was thin buying support from ornament makers on increase of stock supply from other centres.

In London, the white metal was quoted low at US dollar 12.70/12.80 per troy ounce against USD 13.00/13.05 per troy ounce on Friday in New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 21,180 (Rs 21,580), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,300 (Rs 9,440), Pure gold 99.9 purity : Rs 9,350 (Rs 9,490).

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