Precious metals fall further on sluggish demand

Mumbai, June 9 (UNI) Both the precious metals plunged further today on sluggish demand with Silver sliding by Rs 265 per kg and standard Gold by Rs 75 per ten gm on the Bombay Bullion Association.

Silver fineness .999 opened downward at Rs 18,365 on absence of demand. Later, it recovered slightly and closed at Rs 18,375 with a massive loss of Rs 265 per kg from yesterday's close.

In London, silver dropped to USD 13.07/13.10 per troy ounce against USD 13.44/13.47 per troy ounce in New York.

Standard gold (99.5) and pure gold (99.9) also opened low at Rs 8,700 and Rs 8,750 per ten gm respectively.

Later, the yellow metal eased further and closed at Rs 8,690 and Rs 8,740 per ten gm respectively with a loss of Rs 75 for standard gold and Rs 70 for pure gold from its last close.

In London, also gold was weak at USD 646.00/648.00 per troy ounce as compared to USD 653.00/655.00 per troy ounce in New York yesterday.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,375 (18,640) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,690 (8,765) Pure gold 99.9 purity : Rs 8,740 (8,810) UNI