Silver, gold nosedive on bearish global advice

Mumbai, Sep 2 (UNI) The precious metals today crashed heavily with Silver down by Rs 375 per kg to close at Rs 21,005 and Gold by Rs 220 at Rs 11,725 per ten gm on heavy offering by stock holders and discouraging advice from global markets, traders at the Bombay Bullion Association said.

Silver was quoted below the Rs 21,000 mark, opening at Rs 20,980 per kg with a loss of Rs 400 on lack of fresh demand by local dealers. Later, the white metal closed lower at Rs 21,005 with a big loss of Rs 375 from its previous day's close, on sustained selling pressure by industrial users.

Standard gold and pure gold opened low at Rs 11,795 and Rs 11,875 respectively, on renewed offering by stock holders. Later, the prices plummeted down by Rs 220 for standard mint gold and for pure gold by 210 from their previous levels. Both the prices ended low at Rs 11,725 for standard mint and for pure gold at Rs 11,975 per ten gm mainly on discouraging advices from abroad and domestic centres. a leading dealer said.

In Asian and London markets, the yellow metal was quoted low at USD 798.70/804.50 per troy ounce against USD 828.25 to 835.50 per troy ounce and white metal touched a low at USD 12.80/13.05 per troy ounce against USD 13.55 to 13.75 earlier, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 21,005 (21,380) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,725 (11,945) Pure gold 99.9 purity: Rs 11,795 (12,005) UNI AR OBB SKB1842