Silver and Gold crashes on weak global advice

Mumbai, Dec 10: Silver crashed by Rs 320 per kg and Gold by Rs 240 per ten gm on lack of fresh demand and weak global advices during the week ended December nine at the Bombay Bullion Exchange.

Silver .999 fineness grade opened low on Monday at Rs 20,590 per kg on thin buying support from domestic industrial users.

The white metal recorded a high of Rs 20,590 on December four and a two-week low on December seven of Rs 20,150 per kg before finally closing at Rs 20,295 per kg during the weekend with a massive loss of Rs 320 from its previous week-end close, on increased offer by stockists users and ornament makers, traders said.

The trend was also marked in global markets as Silver fell to USD 13.70/13.73 per troy ounce during the week ended on Friday compared to the previous week-end close of USD 14.00/14.05 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened weak on Monday at Rs 9,370 per ten gm on poor demand while pure Gold (99.9 fineness) also opened downwards at Rs 9,415 per ten gm on lack of fresh demand from ornament makers.

The yellow metal registered a high at Rs 9,370 for standard mint and Rs 9,415 for pure Gold on December four.

Standard mint Gold recorded a two-week low of Rs 9,105 per ten gm on December nine. Likewise, pure Gold registered also a low of Rs 9,155 per ten gm on December nine. Finally, both the yellow metal closed low at Rs 9,110 for standard gold and Rs 9,160 for per gold with a huge loss of Rs 240 each from its last week's close.

Meanwhile, in London, Gold edged down at USD 620/625.00 per troy ounce during the week ended December eight against the previous week's close of USD 640.50/645.00, traders said.

UNI