Silver, gold dip further

Mumbai, June 25 (UNI) Spot silver and standard gold closed lower on the second consecutive day today with silver declining by Rs 155 to close at Rs 24,010 per kg and standard mint gold dipping by Rs 85 to close at Rs 12,275 per ten gms, in view of discouraging advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Both the precious metals have crashed steeply -- silver by Rs 475 per kg and gold by Rs 275 per 10 gms -- over the last two days.

The white metal opened below Rs 24,000 and touched a low of Rs 23,975 per kg on poor buying support from industrial users. Later, it eased again and closed negative at Rs 24,010, with a steep decline of Rs 155 from its last close.

Standard mint and pure gold opened low at Rs 12,335 per ten gm and Rs 12,390 per ten gm respectively on lack of fresh buying support from jewellery makers. Later, standard mint gold and pure gold ended lower at Rs 12,275 and Rs 12,335 per ten gm respectively. Both plunged Rs 85 per ten gm each from their last finish.

Traders said there was lack of fresh demand from jewellery makers and industrial users. Sellers were eager to dispose their stocks in view of bearish advice from global markets and sufficient stocks in the domestic markets.

In London and Asian markets also, a weak trend was seen as gold was at a low of USD 882.30/885.90 per troy ounce, against 885.50/889.20, the previous day, while the white metal was also quoted low at USD 16.40/16.70 per troy ounce, compared to 16.82/16.90 per troy ounce from its last finish, which led to downward trend in the domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,010 (24,165) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,275 (12,360) Pure gold 99.9 purity: Rs 12,335 (12,420) UNI AR MAZ AG1935