Silver plunges to eight month low

Mumbai, May 25: Both the precious metals today crashed on the Bombay Bullion Exchange on weak Global advices with Silver plunging by Rs 130 per kg to a eight-month low and Gold by Rs 70 per ten gm to register a seven month low.

Silver fineness .999 opened to an eight-month low at Rs 18,090 per kg on lack of fresh demand. Later, it improved slightly and closed at Rs 18,115 with a loss of Rs 130 from yesterday's close of Rs 18,245.

In London, silver fell to USD 12.88/12.98 per troy ounce against USD 13.00/13.05 per troy ounce in New York.

Similarly, standard gold (99.5) and pure gold (99.9) opened to a seven-month low at Rs 8,650 and Rs 8,700 per ten gm respectively on sluggish demand.

Later, standard gold moved up slightly and closed at Rs 8,655 with a loss of Rs 65 from its last close. Pure gold closed at the opening level on moderate demand with a loss of Rs 70 from its previous close.

In London, gold also bent low to USD 655.00/657.00 per troy ounce as compared to USD 670.00/675.50 per troy ounce in New York on Thursday.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,115 (18,245), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,655 (8,720) Pure gold 99.9 purity : Rs 8,700 (8,770)

UNI