Gold, silver crashes further on weak global advice

Mumbai, May 19 (UNI) Values of spot gold and silver crashed further by Rs 70 per ten gm in gold and Rs 590 per kg in silver on sluggish demand from local and global markets, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened weak again this morning at Rs 10,140 and Rs 10,190 per 10 gm, respectively on sluggish demand.

Both the yellow metals closed still lower at Rs 10,110 and Rs 10,160 per ten gm with a loss of Rs 70 each from its yesterday's close.

There was lack of fresh demand from jewellers with bearish advice from international markets.

In London too, gold was quoted low at USD 670/674 per troy ounce against the previous close of USD 680/687 per troy ounce in New York on Thursday.

Silver .999 fineness variety also opened downwards at Rs 19,970 per kg on weak advice. Later, it closed low at Rs 19,720 per kg with a massive loss of Rs 590 from its previous close.

There was sustained heavy selling pressure from ornament makers on due to discouraging advice from overseas market.

In London, the white metal was quoted low at US dollar 12.00/12.05 per troy ounce against USD 13.10/13.15 per troy ounce in New York on Thursday, which remained weak in the domestic prices, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,720 (Rs 20,310), Gold (per 10 gm): Standard mint 99.5 purity : Rs 10,110 (Rs 10,180), Pure gold 99.9 purity : Rs 10,160 (Rs 10,230).

UNI VD PM VKG1828