Silver records biggest loss in a single day since March 20

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Mumbai, Aug 18 (UNI) Silver today slid by Rs 1,675 per kg, its biggest loss in a single day since March 20, while Gold declined by Rs 270 per ten gm on lack of demand in view of bearish global advice, traders at the Bombay Bullion Association said.

This was silver's second biggest fall in a single day since March 20, when it had shed more than Rs 2000 in a day.

The white metal resumed low below 21 k and remained below that mark at Rs 20,560 on sustained heavy selling pressure from local dealers.

Later, it gained marginally but still ended in the red at Rs 20,670 with a massive loss of Rs 1,675 from its previous close on sluggish demand by industrial users.

Standard gold and pure gold resumed low at Rs 11,400 and Rs 11,470 on thin buying support by ornament makers, Later, standard gold and pure gold closed at Rs 11,410 and Rs 11,470 per ten gm respectively, losing its shine by Rs 270 and Rs 280 per ten gm respectively with discouraging overseas advice.

In London and Asian markets, gold was recorded at USD 794.00/794.25 per troy ounce against the previous day's 810.00/ 810.25, while the white metal was quoted at USD 13.10/13.12 per ounce from USD 14.84/14.86 per ounce from its last close, traders added. Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 20,670 (22,345) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,410 (11,680) Pure gold 99.9 purity: Rs 11,470 (11,750).


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