Gold, silver rates crash again on weak global advice

Mumbai, Apr 25 (UNI) Values of spot gold and silver crashed again today with the yellow metal going down by Rs 85 per ten gm and white metal by Rs 1,135 per kg, on weak global advice, traders at the bullion market here said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low this morning at Rs 9,125 and Rs 9,170 per ten gm, respectively.

Both the yellow metals closed at Rs 9,215 and Rs 9,265 per ten gm, respectively, with a huge loss of Rs 85 each from their yesterday's close.

There was poor buying support by ornament-makers despite the ongoing marriage season.

Gold in London was also quoted low at USD 620/624 per troy ounce from the previous close of USD 620/68 per troy ounce in New York on Monday.

Silver .999 fineness variety also opened downward at Rs 19,370 per kg and closed at Rs 20,045 per kg with a massive loss of Rs 1,135 from its last close.

There was lack of fresh demand from jewellery makers on increase of stock supply from other centres.

In London, the white metal was quoted low at US dollar 12.00/12.05 per troy ounce against USD 12.70/12.80 per troy ounce on Monday in New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 20,045 (Rs 21,180), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,215 (Rs 9,300), Pure gold 99.9 purity : Rs 9,265 (Rs 9,350).

UNI VD/AR GK SKB1841