Silver prices nosedive

MUMBAI, February 26: Silver prices nosedived on the bullion market here on Thursday on increased arrivals and weak overseas advices. Prices of gold also finished weak on poor seasonal demand. Prices of ready silver of .999 opened Rs 285 weaker at Rs.8475 but improved marginally to close at Rs 8500, still showing a steep fall of Rs 260 over the last close of Rs 8760. In the international market, prices fell to 6.09/6.10 per ounce from the last close of 6.30/6.35.

Raw silver of .916 fineness and tenderable silver also declined sharply to close at Rs 8385 and Rs 8505 respectively from the previous close of Rs 8630 and Rs 8765. Standard gold eased further by Rs 10 to end at Rs 3950.

22-carat gold was nominally quoted weak at Rs 3650 from Rs 3660 while ten-tola gold bar of .999 purity lost Rs 200 at Rs 46,200 from Rs 46,400.

It may be recalled that silver prices had shot up to over Rs 9,000 per kg following the rise in global prices one month ago.