Silver crashes, Gold eases on bearish global advices

Mumbai, Jun 27 (UNI) Values of silver major today crashed by Rs 270 to close low at 17,270 per kg while Gold also declined by Rs 90 to finish at Rs 8,560 per ten gm mainly on bearish global advices coupled with sustained heavy offering by stockists, traders at the Bombay Bullion Association said.

Silver fineness .999 opened below Rs 18,000 and was quoted at Rs 17,195 per kg on poor demand. Later, it drifted further lower and closed at Rs 17,270 per kg with a huge loss of Rs 750 from yesterday's close of Rs 18,020.

In London, Silver also fell at USD 12.30/12.35 per troy ounce against USD 12.80/12.85 per troy ounce in New York.

Similarly, standard gold (99.5) resumed low at Rs 8,560 on lack of buying support. It later declined and closed again low at Rs 8,560 per ten gm with a modest fall of Rs 90 from it last close.

Similarly, Pure gold (99.9) also opened downwards on reduced stock supply and closed low at Rs 8,610 with a small loss of Rs 90 from its previous close.

In London, gold moved downwards at USD 642.00/464.50 per troy ounce 646.00/650.00 per troy ounce in New York Tuesday.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,270 (18,020), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,560 (8,650) Pure gold 99.9 purity : Rs 8,610 (8,700) UNI