Gold crashes to a year's low

Mumbai, May 18 (UNI) Gold crashed to a year's low today on sustained heavy selling pressure and weak global advices with Silver also down by Rs 40 per kg on the Bombay Bullion Exchange.

Gold dropped by Rs 45 per ten gm to close at Rs 8,755.

Silver fineness .999 opened downward at Rs 18,165 per kg on poor demand by consumers. Later, it slightly moved upward and closed at Rs 18,285 with a loss of Rs 40 from yesterday's close of Rs 18,325.

In London, Silver drifted lower to USD 12.81/12.84 per troy ounce against USD 12.90/12.92 per troy ounce in New York.

Similarly, standard Gold (99.5) and pure Gold (99.9) also opened low at Rs 8,755 and Rs 8,805 per ten gm on thin demand.

Later, standard Gold remained stable and closed at Rs 8,755 with a loss of Rs 45 and pure gold closed at Rs 8,800 with a loss of Rs 50 from its last close.

In London, Gold drifted lower to USD 654.00/657.00 per troy ounce as compared to USD 662.00/664.00 per troy ounce in New York on Thursday.

Following are the spot Silver and Gold closing prices: Silver (per kg) .999 grade : Rs 18,285 (18,325) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,755 (8,800) Pure gold 99.9 purity : Rs 8,800 (8,850) UNI