Precious metals crash on bullish advice

Mumbai, Aug 5: Both the precious metals crashed on Tuesday, Aug 4, with silver slumping by Rs 600 per kg at Rs 24,240 while gold falling by Rs 250 per ten gm at Rs 12,220, amidst poor buying support from industrial users in view of bearish global advices, traders at the Bombay Bullion Association said.

Like domestic market, in international market too a negative trend was observed, as gold fell to USD 893.25/894.25 an ounce from USD 895.55/896.95 while silver edged down to USD 16.92/16.98 an ounce from USD 17.00/17.05 late in New York. Tumbling price of oil was the reason behind the precious metals losing their shine, traders said. Following were the opening domestic spot rates: Silver (per kg) 999 fineness grade: Rs 24,240 Gold (per 10 gm): 99.5 purity standard mint: Rs 12,220 99.9 purity pure gold: Rs 12,275.

UNI