Gold, silver crashes to its lowest level

Mumbai, June 10: Values of gold and silver crashed to its lowest level on the fifth consecutive day today on lack of fresh demand, traders at the bullion market said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened this morning crashing to its lowest level at Rs 9,075 and Rs 9,120 per 10 gm, respectively.

Both the yellow metals closed at Rs 9,075 and Rs 9,125 per 10 gm with a loss of Rs 60 for standard gold and Rs 55 for pure gold from their yesterday's close.

Standard mint gold lost Rs 505 while pure gold lost by Rs 500 respectively during the last five days.

There was thin buying support by stockists. Traders were in the absence of fresh demand in view of bearish advice from global markets.

In London, yellow metal was quoted low at USD 600.50/608.00 per troy ounce, as compared to USD 610.50/612.00 per troy ounce at New York.

Similarly, silver .999 fineness variety, however, opened low at Rs 17,150 per kg on poor demand. Later, it closed at Rs 17,195 per kg with a loss of Rs 115 from its previous close. White metal also crashed steeply by Rs 1,470 within the last five 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 11.10/11.20 per troy ounce against USD 11.20/11.30 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 17,195 (Rs 17,310), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,075 (Rs 9,135), Pure gold 99.9 purity : Rs 9,125 (Rs 9,180).

UNI