Gold, silver prices fall on weak global advice

Mumbai, June 4 (UNI) Values of spot pure gold and silver major crashed this weekend to Rs 9,560 per 10 gm for pure gold and Rs 18,570 per kg for silver on reports of bearish advice from global markets and downward trend at OPEC crude oil, traders said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened steady on Monday at Rs 9,700 and Rs 9,750 per 10 gm, respectively, on moderate demand.

Gold was high on May 31 at Rs 9,795 and Rs 9,840, while its low was on June two at Rs 9,430 and Rs 9,480 respectively.

Finally, it closed the week ending downward at Rs 9,510 and Rs 9,560 per 10 gm. There was huge loss of Rs 190 each during the week from their last week's close.

There was sustained heavy selling pressure from jewellers on increased stocks supply along with bearish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted low at around USD 637.00/638.00 per troy ounce during the week ended June two, as against the previous week's close of USD 650.00/652.03 in New York, traders added.

Silver .999 fineness ready grade opened high on Monday at Rs 19,390 per kg on increased of fresh demand from domestic industrial users. Its high of Rs 19,460 was on May 30, while low of Rs 18,475 was on June two and it finally closed low at Rs 18,570 per kg on thin buying support, with a massive loss of Rs 820 during the week from the previous week's close.

In the global markets, silver fell to USD 12.19/12.21 per troy ounce in London during the week ended last Friday as against the previous week's close of USD 12.60/12.70 in New York, traders added.

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