Precious metals crash on bearish global advice

Mumbai, July 18 (UNI) Gold and silver suffered setbacks on sustained heavy offers by stockists in view of bearish global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened below the Rs 10,000-mark and quoted at Rs 9,895 for standard mint gold and at Rs 9,940 for pure gold per ten gm respectively.

Both the yellow metals closed still lower at Rs 9,835 for standard gold and Rs 9,885 for pure gold per ten gm respectively with a huge loss of Rs 235 each from their yesterday's close.

There was poor demand by ornament makers on discouraging advice from overseas markets.

In London, the yellow metal was quoted high at USD 649.50/650.00 per troy ounce, as compared to USD 662.50/663.00 per troy ounce at New York on Monday.

Similarily, silver .999 fineness variety also opened below the 17,000-mark at Rs 17,820 per kg. Later, it closed still lower at Rs 17,780 per kg with a massive loss of Rs 515 from its precious close.

There was thin buying support from local dealers and industrial users in view of poor demand from global markets.

In London, silver was quoted low at US dollar 11.06/11.07 per troy ounce as compared to its last close of USD 11.44/11.45 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,780 (Rs 18,295), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,835 (Rs 10,070), Pure gold 99.9 purity : Rs 9,885 (Rs 10,120).

UNI VD-AR MAZ VKG1838