Gold, silver prices crash on weak global advice
Mumbai, July 23: Values of spot gold and silver crashed to Rs 9,495 per ten gm and Rs 17,495 per kg respectively during the week on bullish global advice, traders at the bullion market said.
Standard mint gold (99.5) and pure gold (99.9) spot rates opened high last Monday at Rs 10,140 and Rs 10,190 per 10 gm respectively on good demand from local dealers.
The prices were high on July 17 at Rs 10,140 for standard mint and Rs 10,190 for pure gold, while they fell on July 19 at Rs 9,500 and Rs 9,555 respectively.
Finally, they closed the week at their lowest at Rs 9,440 for standard mint gold and Rs 9,495 for pure gold per 10 gm.
Both the yellow metals recorded a huge losses -- of Rs 560 for standard gold and Rs 555 for pure gold -- from their previous week-end close.
There was thin buying support from jewellers in view of discouraging advice from global markets.
Meanwhile, in the global markets like London, gold was quoted low at around USD 620.00/620.45 per troy ounce during the week ended July 12 as against the previous week-end's close of USD 666.00/666.40 in New York, traders added.
Silver .999 fineness ready grade also opened high on Monday at Rs 18,500 per kg on fresh demand from domestic industrial users.
It touched a high of Rs 18,500 on July 17 while recording its low of Rs 17,080 on July 19. It finally closed low at Rs 17,495 per kg with a massive loss of Rs 820 during the week from the previous week's close.
In the global markets, silver also quoted low at USD 10.81/10.82 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 11.53/11.54 in New York, traders added.