Silver crashes, gold gains

Mumbai, Sep 6 (UNI) Values of silver today crashed steeply by Rs 336 to close at 19,875 per kg owing to weaker global advices, but standard gold rose by Rs 95 to finish at Rs 11,700 per ten gm from their last finish on renewed festival demand by ornament makers, traders at the Bombay Bullion Association said.

Silver .999 finesses variety was quoted below Rs 20,000 mark, after opening at Rs 19,890 per kg on thin demand by local industrial users. Later, the white metal closed again downward at Rs 19,875 with a massive loss of Rs 335 from its previous day's close on sustained selling pressure by stock holders in view of subdued advices from global cues. White metal crashed steeply by Rs 1,505 per kg in the last four days.

However, standard and pure gold opened higher at Rs 11,705 and Rs 11,775 per ten gm respectively on lack of fresh offers by stock holders. Later, the prices recovered smartly by Rs 95 each for standard mint gold and pure gold from their previous levels. Both the prices finally ended firm at Rs 11,700 per ten gm for standard mint and at Rs 11,765 per ten gm for pure gold, mainly on some good speculative demand from ornament makers in view of forthcoming festival season, coupled with encouraging advices from global centres, dealers said.

In Asian and London markets yesterday, the yellow metal was quoted low at USD 797.30/801.50 per troy ounce against USD 808.70 to 815.50 per troy ounce and white metal also was quoted below USD 17.00 level and touched a low at USD 12.76/12.82 per troy ounce against USD 13.05 to 13.15 earlier.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 19,875 (20,210) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,700 (11,605) Pure gold 99.9 purity: Rs 11,765 (11,670) UNI AR SSS SKB1607