Silver, gold major crash on discouraging global advice

Mumbai, July 6 (UNI) Both the precious metals today plunged heavily with Silver down by Rs 205 per kg and Gold by Rs 105 per ten gm on sustained offloading by stockists coupled with bearish advices from global markets, traders at the Bombay Bullion Association said.

Silver fineness .999 opened low at Rs 17,315 per kg on lack of fresh demand. Later, it further declined steeply and closed low at Rs 17,285 per kg with a major loss by Rs 205 from yesterday's close.

In London, silver was quoted low at 12.46/48 compared to 12.62/12.64 per troy ounce on last close.

Similarly, standard gold (99.5) and pure gold (99.9) also opened lower at Rs 8,555 and Rs 8,600 per ten gm on poor demand.

Later, the yellow metal drifted lower again and closed at Rs 8,520 and Rs 8,570 per ten gm with a loss of Rs 105 each from its last close.

In the overseas market, gold touched a low at 648/49 against 655/656 per troy ounce on the previous day which resulted in downward trend in yellow metal prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,285 (17,490), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,520 (8,625) Pure gold 99.9 purity : Rs 8,570 (8,675) UNI