Silver, gold declines sharply

Mumbai, Mar 3 (UNI) Precious metals declined sharply today as Silver fell by Rs 620 per kg and Gold by Rs 235 per ten gm on lack of fresh demand on the Bombay Bullion Exchange.

Silver fineness opened downwards at Rs 19,080 per kg on lack of fresh demand. Later, it recovered and closed at Rs 19,330 per kg with a massive loss of Rs 620 from its yesterday's close.

In London, the silver also eased to 12.50/12.86 per troy ounce against USD 12.49/13.52 per troy ounce in New York.

Similarly, standard Gold (99.5) and pure Gold (99.9) opened weak at Rs 9,280 and Rs 9,330 per ten gm on sluggish demand.

The yellow metal recovered slightly and closed at Rs 9,290 and Rs 9,340 per ten gm with a huge loss of Rs 235 each from its last close.

However, in London, the yellow metal went up at USD 681.80/683.00 per troy ounce as compared to USD 658.40/660.30 per troy ounce in New York on Friday.

Following are the spot Silver and Gold closing prices: Silver (per kg) .999 grade : Rs 19,330 (19,950), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,290 (9,525), Pure gold 99.9 purity : Rs 9,340 (9,575).

UNI