Silver, Gold nosedive

Mumbai, Apr 1 (UNI) Both the precious metals nosedived today with Silver declining by Rs 985 per kg and Gold by Rs 440 per ten gm on heavy selling pressure along with bearish global cues, traders at the Bombay Bullion Association said.

Gold slided to a nearly six-week low and Silver to a month's low today.

The dollar bounced back against major currecnies and oil prices were also quoted below USD 102 per barrel, following which precious metals declined heavily, traders said.

The value of silver resumed downward at Rs 22,605 and crashed by Rs 1,020 per kg on lack of fresh demand. Later, it slightly rose and closed at Rs 22,640 per kg, down by Rs 985 from its last close on thin buying support from industrial users, induced by weak advice from global markets.

Standard gold (99.5 purity) also resumed low at Rs 11,850 per ten gm and pure gold (99.9 variety) at Rs 11,905 per ten gm, on heavy selling pressure.

Later, standard gold and pure gold slid further and closed at Rs 11,685 and Rs 11,750 per ten gm respectively.

The yellow metal prices fell by Rs 440 for standard mint and Rs 435 for pure gold from their last finish.

In London and Asian markets, Gold was recorded at USD 920.50/922.15 and Silver at USD 17.14/17.15 from its previous close.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 22,640 (23,625) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,685 (12,125) Pure gold 99.9 purity: Rs 11,750 (12,185) UNI NV OBB AG1850