Silver, gold major crashes on bearish global advice

Mumbai, June 8 (UNI) Values of silver and gold major crashed for consecutive third day today on lack of fresh buying support even at low ebbs in view of discouraging advice from global markets, traders at the bullion market here said.

Standard gold (99.5 purity) and pure gold (99.9 purity) resumed high at Rs 9,320 and Rs 9,370 per 10 gm respectively.

Both the yellow metals quoted below of Rs 9,300 barriers in mid-session and finaly closed crashed major at Rs 9,245 for standard mint gold and for pure gold at Rs 9,295 per 10 gm.

Both the prices plummeted major by Rs 55 each per ten gm from their previous day's close.

Standard mint gold and pure gold crashed steeply by Rs 335 and Rs 330 respectively during the last three sessions.

There was sustained 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 619.00/622.50 per troy ounce as compared to USD 623.50/626.25 per troy ounce at New York.

Similarly, silver .999 fineness variety, however, opened low at Rs 17,835 per kg on poor demand. Later, it closed again low at Rs 17,505 per kg with a loss major of Rs 350 from its previous close.

White metal major crashed by SRs 1,160 in the last three days.

Traders said there was lack of fresh buying support from local dealers and industrial users in view of bearish advice from overseas markets.

In London, silver was quoted low at US dollar 11.60/11.72 per troy ounce against USD 11.82/12.00 at New York, which affected in the downward trend in domestic prices, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,505 (Rs 17,855), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,245 (Rs 9,300), Pure gold 99.9 purity : Rs 9,295 (Rs 9,350).

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