Precious metals nosedive

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Mumbai, Apr 25 (UNI) Both the precious metals declined for the second consecutive day today with Silver nosediving by Rs 400 per kg and Gold by Rs 180 per ten gm on fresh stockists offerings on the back of a fall in overseas market, traders at the Bombay Bullion Association said.

In the last two days, the white metal has crashed by Rs 920 and gold by Rs 335.

Silver .999 fineness variety opened low at Rs 22,880, on lower buying support.

Later, it further slipped and finished at Rs 22,775 with a loss of Rs 400 per kg from its last close.

In yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 variety) opened downward at Rs 11,605 per ten gm and Rs 11,660 respectively, on sluggish demand by bulk consumers.

Later, both standard and pure gold further dipped and closed at Rs 11,550 and Rs 11,610 per ten gm respectively, with a loss of Rs 180 for standard gold and Rs 175 for pure gold from its previous close on persistent offloading by stock holders.

In London, the precious metals witnessed downwward march as Silver fell at USD 16.80/16.81 an ounce against the previous day's level of USD 17.15/17.16 an ounce, while gold was quoted lower at USD 889.00/890.00 compared to USD 906.00/907.00, an ounce.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 22,775 (23,175) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,550 (11,730) Pure gold 99.9 purity: Rs 11,610 (11,785).


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