Precious metals crashes two-week low on bearish global advice

Mumbai, Oct 4 (UNI) Spot silver and gold crashed two-week low on at Rs 690 per kg and Rs 240 per ten gm, respectively, on sluggish demand and on bearish global advice, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened two-week low at Rs 17,630 per kg on thin buying support. It edged down and closed to at Rs 17,615 per kg with a massive loss of Rs 690 from yesterday's close.

There was increased of stock supply from industrial users in view of discouraging advice from overseas market.

In London, silver was quoted low at USD 10.80/10.86 per troy ounce, compared to its last close of USD 11.30/11.34 per troy ounce in New York on Tuesday.

Similarly, standard gold (99.5) also opened two-week low at Rs 8,630 per ten gm and closed at Rs 8,650 per ten gm with a huge loss of Rs 230 from its last close.

Pure gold (99.9) opened downwards at Rs 8,690 per ten gm, and closed at Rs 8,700 per ten gm with also a huge loss of Rs 240 from previous close.

Traders were keen to sell their stocks along with by downward trend from global markets.

In London, gold quoted low at US dollar 570.00/578.00 per troy ounce against USD 590.40/593.40 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,615 (18,305) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,650 (8,880) Pure gold 99.9 purity : Rs 8,700 (8,940).

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