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    Default Silver ends at three-week low

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    A negative trend was seen in precious metals for the second consecutive day today with Silver sliding to a three-week low of Rs 27,450, down by a whopping Rs 550 per kg and Gold weakened by Rs 160 per ten gm at 16,600 on heavy selling pressure from ornament makers, traders at the Bombay Bullion Association (BBA) said.

    Silver has slumped by Rs 735 per kg and Gold by Rs 270 per ten gm in the last couple of days.

    The white metal opened at Rs 27,450 and crashed by Rs 550 per kg on lack of fresh demand. No improvement was seen and it closed at opening level.

    Similarly, standard gold and pure gold opened at Rs 16,645 and Rs 16,735 per ten gm respectively and drifted lower by Rs 115 per ten gm each.

    At the end of the session, Gold further lost ground and finished at Rs 16,600 for standard gold and Rs 16,685 for pure gold.

    Standard and pure gold declined by Rs 160 and Rs 165 per ten gm respectvely on persistent offloading by stock holders, induced by discouraging global cues, traders added.

    In London and Asian markets, Gold was quoted low at USD 1092.00/1092.02 per troy ounce and Silver at USD 16.85/16.87 per troy ounce from their previous close, traders added.

    Following were the closing rates of spot silver and gold: Silver (per kg).999 grade : Rs 27,450 (28,000) Gold (per 10 gm): Gold 99.5 purity Standard mint : Rs 16,600 (16,760) Gold 99.9 purity Pure gold : Rs 16,685 (16,850)


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