Gold, Silver prices crash
 
Mumbai, Jul 01 (UNI) The bullion market witnessed a downward trend for the fourth straight session today, with Silver crashing by Rs 450 per kg and Gold by Rs 140 per ten gm, following lack of buying enquiries from industrial users along with discouraging global advice, traders at the Bombay Bullion Association said.

Silver has declined by Rs 670 per kg and Gold by Rs 280 per ten gm, in the last four days.

Silver dipped by Rs 440 per kg in the opening session because of lower buying support by stockists.

Later, it lost a massive Rs 450 per kg to end low at Rs 22,310, owing to sluggish demand by local dealers.

Similarly, standard gold and pure gold opened low by Rs 120 and Rs 115 per ten gm respectively following persistent offloading by stockists in view of negative trend in the global marekt. Later they fell by Rs 140 and Rs 130 per ten gm respectively from their previous close and ended in red at Rs 14,440 and Rs 14,515 per ten gm respectively.

A bearish trend was observed in London and Asian markets too as gold was quoted low at USD 935.00/935.25 per troy ounce and silver at USD 13.70/13.71 per troy ounce, traders informed.

Following were the closing rates of spot silver and gold: Silver (per kg) .999 grade : Rs 22,310 (22,760) Gold (per 10 gm): Gold 99.5 purity standard mint : Rs 14,440 (14,580) Gold 99.9 purity pure gold : Rs 14,515 (14,645)

 

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