Gold, silver prices crash on bullish global advice

Mumbai, June 18 (UNI) Values of spot pure gold plummeted steeply this week below Rs 9,000-mark to Rs 8,655 per 10 gm together with silver below Rs 16,000-mark to Rs 15,900 per kg, respectively, following a reports of bearish advice from global markets, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened low on Monday at Rs 9,025 and Rs 9,075 per 10 gm, respectively, on thin buying support.

The prices were high on June 12 at Rs 9,040 for standard mint and pure gold at Rs 9,090, while they went low on June 14 at Rs 8,290 and Rs 8,335 respectively.

Finally, they closed at the week-end at Rs 8,655 for standard mint gold and pure gold at Rs 8,705 per 10 gm.

There was huge loss of Rs 420 each during the week from their last day of previous week.

There was poor demand from jewellers on sustained heavy selling pressure along with bearish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted low at around USD 588.00/589.00 per troy ounce during the week ended June 16, as against the previous week-end's close of USD 607.00/608.00 in New York, traders added.

Silver .999 fineness ready grade also opened low on Monday at Rs 17,000 per kg on poor demand from domestic industrial users. Its high was Rs 17,000 was on June 12 while low was Rs 14,925 was on June 14 and it finally closed low at Rs 15,900 per kg with a massive loss of Rs 1,295 during the week from the previous week end's close.

In the global markets, silver fell to USD 10.30/10.33 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 11.10/11.20 in New York, traders added.

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