Silver plunges to 6-1/2 month low

Mumbai, May 15 (UNI) Silver today plunged to a six and a half months low, tumbling by Rs 185 per kg, and Gold to a four month low, down by Rs 110 per ten gm on the Bombay Bullion Exchange.

Silver fineness .999 opened low at Rs 18,650 per kg on poor demand. Later, it crashed to six and a half months low and closed at Rs 18,585 with a loss of Rs 185 from yesterday's close of Rs 18,770.

In London, Silver fell to USD 13.00/13.05 per troy ounce against USD 13.18/13.22 per troy ounce in New York.

Similarly, standard Gold (99.5) and pure Gold (99.9) also opened weak at Rs 8,910 and Rs 8,960 per ten gm on thin buying support.

Later, the yellow metal declined to a four month low and closed at Rs 8,875 and Rs 8,925 per ten gm with a huge loss of Rs 105 for standard gold and Rs 110 for pure gold from its last close.

In London, Gold came down to USD 660.00/666.00 per troy ounce as compared to USD 670.00/674.00 per troy ounce in New York on Monday.

Following are the spot Silver and Gold closing prices: Silver (per kg) .999 grade : Rs 18,585 (18,770) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,875 (8,980) Pure gold 99.9 purity : Rs 8,925 (9,035) UNI