Gold, silver crashes further on bearish global advice

Mumbai, May 16 (UNI) Values of spot gold and silver crashed further on weak advice from global markets by Rs 125 per ten gm for gold and Rs 450 per kg for silver on sustained heavy selling pressure,traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened low this morning at Rs 10,120 and Rs 10,170 per 10 gm respectively from their previous close.

Both the yellow metals drifted lower and closed at Rs 10,145 and Rs 10,190 per ten gm with a huge loss of Rs 120 for standard gold and Rs 125 for pure gold from their yesterday's close.

Sellers were keen to sell out their stocks due to bearish advice from global markets. Local buyers were cautious even at the current low levels on expetation of further fall in near future.

Reports from abroad says that gold fell to its lowest in a week on Tuesday as fund selling persisted in commodities markets, but dealers said the drop in prices had yet to attract buying from investors and jewellers.

In London too, gold was quoted low at USD 680/684 per troy ounce against the previous close of USD 690/691 per troy ounce in New York on Monday.

Silver .999 fineness variety also opened downward at Rs 20,075 per kg on poor demand. Later, it crashed and closed at Rs 20,335 per kg with a massive loss of Rs 450 from its previous close.

There was improved offers from jewellery-makers due to subdued advice from overseas markets.

In London, the white metal was quoted low at US dollar 13.20/13.22 per troy ounce against USD 13.20/13.30 per troy ounce in New York on Monday, which affected domestic prices, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 20,335 (Rs 20,785), Gold (per 10 gm): Standard mint 99.5 purity : Rs 10,145 (Rs 10,265), Pure gold 99.9 purity : Rs 10,190 (Rs 10,315).

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