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AFP: Silver, Gold ends down
Mumbai, Oct 3 (UNI) Value of silver today plummeted by Rs 1,105 to a two-week low of Rs 19,520 per kg on sustained heavy selling pressure from industrial users despite ongoing festival season, traders at the Bombay Bullion Association said. Similarly, gold crashed steeply by Rs 330 per ten gm to Rs 12,825. Silver .999 variety opened below 20K at Rs 19,570 on lower buying support from local dealers. Later, it slid to Rs 19,520, with a massive loss of Rs 1,105 per kg, amid mild offerings from stockists in spite of festival season across the country. Likewise, standard and pure gold opened below 13K at Rs 12,860 and Rs 12,920 per ten gm respectively. Both the metals lost their glitter, with standard mint falling by Rs 330 and pure gold at Rs 335 per ten gm, due to panic selling by stockists at higher levels. Finally, standard mint and pure gold closed at Rs 12,825 and Rs 12,885 per ten gm. In Asian and London markets, a mixed trend was witnessed in the precious metals, as gold recovered to USD 888.00/888.50 per troy ounce from USD 885.00/885.25 per troy ounce on its last close and silver was quoted low at USD 11.52/11.53 per troy ounce against USD 12.24/12.25 per troy ounce on its previous close, dealers said. Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 19,520 (20,625) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,825 (13,155) Pure gold 99.9 purity: Rs 12,885 (13,220) UNI NV SSS NP1940