Precious metals plunge: BBA

Mumbai, Mar 5: Breaking the four session upward trend, Gold prices today plunged by Rs 220 to close at Rs 12,585 per ten gm even as Silver also fell by Rs 550 to end at Rs 24,100 per kg, traders at the Bombay Bullion Association (BBA) said.

The dollar gained ground against the Euro and crude oil prices also slightly declined, leading to the downward trend in precious metals, traders said. Silver (.999 fineness) variety opened low at Rs 24,225 per kg on lack of fresh demand. Later, it fell further and closed at Rs 24,100 per kg. Standard gold (99.5 purity) opened downward at Rs 12,590 per ten gm and pure gold (99.9 variety) at Rs 12,640 per ten gm on sluggish demand from retailers.

Later, standard gold and pure gold dipped further and closed at Rs 12,585 and Rs 12,635 respectively, losing by Rs 220 per ten gm each from their previous close.

Traders received reports from London and other asian markets that the yellow metal was quoted around USD 962.50/963.00 per troy ounce from its previous close, while the white metal was at USD 19.55/19.56 from its last close, dealers added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,100 (24,650) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,585 (12,805) Pure gold 99.9 purity: Rs 12,635 (12,855).

UNI