Gold, silver rates crash further on weak global advice

Mumbai, June 9 (UNI) Values of gold and silver crashed further for the fourth consecutive day today on weak global advice, traders at the bullion market said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened this morning crashing below at Rs 9,100 barriers at Rs 9,150 per 10 gm, respectively.

Both the yellow metals closed at Rs 9,135 and Rs 9,180 per 10 gm with a loss of Rs 110 for standard gold and Rs 115 for pure gold from their yesterday's close. Standard mint gold and pur gold plummeted major by Rs 445 each during the last four days.

There was lack of fresh demand by stockists. Traders were keen to sell their stock in view of bearish advice from global markets.

Reports from abroad say that gold fell to its lowest price since mid-April as a big sell-off overnight accelerated on Friday in step with a stronger US dollar.

In London, yellow metal was quoted low at USD 611.50/612.00 per troy ounce, as compared to USD 618.50/619.00 per troy ounce at New York.

Similarly, silver .999 fineness variety, however, opened low at Rs 17,285 per kg on poor demand. Later, it closed again low at Rs 17,310 per kg with a loss of Rs 195 from its previous close.White metal also crashed steeply by Rs 1,355 within the last four sessions.

Traders said there was thin 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 11.20/11.30 per troy ounce against USD 11.70/11.72 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 17,310 (Rs 17,505), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,135 (Rs 9,245), Pure gold 99.9 purity : Rs 9,180 (Rs 9,295).

UNI VD GK AG1825