Gold falls at two-week low, silver crashes on weak global advice

Mumbai, May 20 (UNI) Values of spot gold crashed below Rs 10,000 and closed at two-week low at Rs 9,780 with steep decline by Rs 335 per 10 gm on sluggish demand from local and global markets, traders at the bullion market today said. Silver followed suit in line with yellow metal.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened weak again this morning at Rs 9,805 and Rs 9,855 per 10 gm, respectively on sluggish demand.

Both the yellow metals closed at two-week low at Rs 9,780 and Rs 9,835 per ten gm with a loss of Rs 330 for standard gold and Rs 325 for pure gold from its yesterday's close.

There was thin buying support from jewellers with bearish advice from international markets.

In London too, gold was quoted low at USD 659.30/659.50 per troy ounce against the previous close of USD 670/674 per troy ounce in New York on Friday.

Silver .999 fineness variety also opened downwards at Rs 19,400 per kg on weak advice. Later, it closed still lower at Rs 19,370 per kg with a massive loss of Rs 350 from its previous close.

There was sustained heavy selling pressure from ornament makers 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 12.40/12.48 per troy ounce in New York on Friday, 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 19,370 (Rs 19,720), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,780 (Rs 10,110), Pure gold 99.9 purity : Rs 9,835 (Rs 10,160).

UNI VD/AR KU VKG1545