Precious metals crash on decline in crude oil price
Mumbai, Sep 11 (UNI) Spot gold and silver prices crashed due to a fall in crude oil price on the global market, traders at the Bombay Bullion Association today said.
Standard gold (99.5) and pure gold (99.9) opened weak at Rs 8,985 and Rs 9,035 per ten gm respectively on poor demand and closed at the same level at Rs 8,985 and Rs 9,035 per ten gm with a huge loss of Rs 220 each from its Saturday's close.
There was thin buying support by stockists in view of poor advice from the global markets with a slide in crude oil price.
In London, gold was quoted low at US dollar 595.00/597.00 per troy ounce against USD 610.20/611.00 at New York on the Friday.
Similarly, prices of silver .999 fineness variety opened low at Rs 18,780 per kg on lack of fresh demand. Later it closed at Rs 18,805 per kg, with massive loss of Rs 590 from its last close.
There was a lack of fresh demand by dealers in view of a discouraging advice from the overseas markets.
In London, silver was quoted low at USD 11.80/11.85 per troy ounce, compared to its last close of USD 12.10/12.15 per troy ounce in New York on the previous day.
Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,805 (Rs 19,395), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,985 (Rs 9,205), Pure gold 99.9 purity : Rs 9,035 (Rs 9,255).
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