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Gold, silver prices crash in Bombay

Both the precious metals plunged sharply in the Bombay bullion market in wake of the announcement of the Swiss Bank to sell 1,400 tonnes of gold.

According to Arun Mehra, director, Bombay Bullion Association, the sharp down fall in the gold prices is attributed to the major down fall of the metal prices by about 16 dollars in the international market, amounting to 4 per cent, which came soon after the announcement of the Swiss Bank to sell 1,400 tonnes gold in 1999.

Silver .999 and raw silver drifted by as much as Rs 165 each to Rs 6,805 and Rs 6,705 per kg respectively. Similarly, the standard mint gold and 22 carat gold slumped by Rs 100 and Rs 90 to Rs 4270 and Rs 3950 per 10 grams in sympathy.

Meanwhile, the 10 tola gold also lost moderately by Rs 300 to Rs 50,000 per biscuit.

Closing rates:
Silver (per kg): .999 -- Rs 6805 (6965); raw -- Rs 6705 (6870).
Gold (10 gm): standard mint -- Rs 4270 (4370); cc carat -- Rs 3950 (4040); 10 tola gold (per biscuit) -- Rs 50,000 (51,300).