Silver goes down

MUMBAI: Gold and silver prices crashed sharply on the bullion market here today. Silver .999 nosedived by Rs 295 at Rs 8,280 per kg. Silver .916 dropped by Rs 285 at Rs 8,180 per kg in sympathy.

Industrial demand was dull while continued supplies of imported silver and sharp setback in the world market triggered panic selling among local stockists. Delhi advices were discouraging. In the global market the white metal dropped from 6.10 to 5.80 an ounce.

Standard gold fell by Rs 35 at Rs 3,950 per 10 gm. Gold .22 carat slipped by the same margin. Prices of gold biscuit 116.50 gm. closed Rs 400 lower at Rs 46,400. Seasonal demand was sluggish while weak overseas advices and sharp setback in the silver prices put pressure on gold.