BOMBAY (PTI): Both the precious metals plunged down on the local bullion market here June 14.
The sharp decline in silver was mainly attributed to the timely onset of Monsoon which heightened good crop prospects. Stock lists were actively reducing their stocks while demand from the industrial sector was poor. Weak upcountry advices also aided the sentiment.
Yellow metal declined sharply due to poor local demand as the marriage season came to an end.
Silver, 999 fineness plunged down by Rs.170 to Rs.5805.00. Raw silver.916 fineness dropped by Rs.179 to Rs.5725.00 and tenderable silver slumped by Rs.170 to Rs.5810.00.
Standard gold declined to Rs.4525.00 from Rs.4564.00 and 22carat gold was nominally quoted lower at Rs.4148.00 from Rs.4183.00 previously.
Article extracted from this publication >> June 18, 1993
