Silver, gold major plummets on bearish global advice
Mumbai, June 7: Values of silver and gold plummeted for consecutive second day today on sustained heavy offers by stockists along with discouraging advice from global markets, traders at the bullion market here said.
Standard gold (99.5 purity) and pure gold (99.9 purity) resumed low at Rs 9,345 and Rs 9,345 per 10 gm respectively.
Both the yellow metals closed again, crashed major at Rs 9,300 for standard mint gold and for pure gold at Rs 9,350 per 10 gm.
Both the prices plummeted major by Rs 160 for standard mint and pure gold by Rs 165 per ten gm from their previous day's close.
Standard mint gold and pure gold crashed steeply by Rs 280 and Rs 275 respectively during the last two sessions.
Traders attributed this downward trend to heavy offers by stockists. Buyers were cautious in view of bearish advice from global markets and sufficient stocks at the domestic markets.
At London, yellow metal was quoted low at USD 620.50/626.25 per troy ounce as compared to USD 634.00/635.50 per troy ounce at New York.
Similarly, silver .999 fineness variety also opened low at Rs 18,045 per kg on poor demand. Later, it closed below of Rs 18,000 berriers during the mid-session. The price ended again low at Rs 17,855 per kg with a loss major of Rs 425 from its previous close.
White metal major crashed by SRs 810 in the last two days.
Traders said there was sustained heavy offers by stockists in view of bearish advice from overseas markets.
In London, silver was quoted low at US dollar 11.82/11.50 per troy ounce against USD 11.90/12.05 at New York, which affected in downward trend in domestic prices, traders pointed out.
Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,855 (Rs 18,280), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,300 (Rs 9,460), Pure gold 99.9 purity : Rs 9,350 (Rs 9,515).