Gold, silver crashes on weak global advice

Mumbai, July 19 (UNI) Prices of gold and silver crashed once again on weak global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) opened at Rs 9,565 per ten gm and closed at Rs 9,500 per ten gm with a huge loss of Rs 335 from its yesterday's close.

Pure gold (99.9 purity) also opened at Rs 9,610 per ten gm and closed at Rs 9,555 per ten gm with a huge loss of Rs 330 from its last close.

There was thin buying support by ornament makers on poor advice from overseas markets.

In London, the yellow metal was quoted low at USD 625.50/626.00 per troy ounce, as compared to USD 649.50/650.00 per troy ounce at New York on Tuesday.

Similarily, silver .999 fineness variety also opened low at Rs 17,080 per kg. Later, it closed at Rs 17,160 per kg with a massive loss of Rs 780 from its previous close.

There was poor demand from local dealers and industrial users in view of weak advice from global markets.

In London, silver was quoted low at US dollar 10.69/10.70 per troy ounce as compared to its last close of USD 11.06/11.07 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,160 (Rs 17,780), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,500 (Rs 9,835), Pure gold 99.9 purity : Rs 9,555 (Rs 9,885).

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