Both precious metals slump to 3 week low

Mumbai, Apr 24 (UNI) Both the precious metals declined to a three week low today with Silver crashing by a whoppiing Rs 520 per kg and Gold by Rs 155 per ten gm on mild stockists offerings in view of weak global advices, traders at the Bombay Bullion Association said.

Silver .999 fineness variety opened downward at Rs 23,340, on lack of fresh demand from industrial users.

Later, it further fell and closed at Rs 23,175 with a massive loss of Rs 520 per kg from its last finish.

In yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 variety) opened low at Rs 11,750 per ten gm and Rs 11,805 respectively, on lack of buying enquiries.

Later, both standard and pure gold further inched down and closed at Rs 11,730 and Rs 11,785 per ten gm respectively, with a loss of Rs 155 for standard and pure gold each from its previous close.

In London, precious metals witnessed downwward trend as Silver fell at USD 17.15/17.16 an ounce against the previous day's level of USD 17.45/17.46 an ounce, while gold was quoted lower at USD 906.00/907.00 compared to USD 910.00/911.00, an ounce.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 23,175 (23,695) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,730 (11,885) Pure gold 99.9 purity: Rs 11,785 (11,940).

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