Silver. Gold zoom up on firm global advice

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Mumbai, Oct 5 (UNI) Both the precious metals today recovered smartly with Silver gaining by Rs 205 per kg and Gold by Rs 110 per ten gm on lack of offers by stockists in view of enscouraging advices from international and upcountry markets, traders at the Bombay Bullion Association said.

Silver .999 fineness crossed the Rs 18,000 barrier and opened higher at Rs 18,065 per kg on increase industrial users demand.

Later, it rallied further and closed at a high of Rs 18,075, recording a major gain of Rs 205 from the previous day's close, on lack of offers by stockists and bullish advices from global and upcountry markets. Local buyers made purchases in some lots, traders said.

In London, New York and Asian markets, the white metal touched a high at around 13.40/13.45 US Dollars per troy ounce against USD 13.20/13.25 per troy ounce, the previous day.

Similarly, standard gold (99.5) and pure gold (99.9) also moved above Rs 9400 mark and resumed high at Rs 9,435 and Rs 9,485 respectively on scattered buying support from ornament makers.

Later, the yellow metal moved up and closed in positive territory at Rs 9,430 for standard mint gold and pure gold at Rs 9,480 per ten gm, with a big gain of Rs 110 each from their last close. There was lack of offers by stockists because of encouraging advice from global and upcountry markets.

In the overseas markets, gold was up at around USD 732.25/735.50 per troy ounce, compared to USD 425.25/730.50 per troy ounce on the previous day, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,075 (17,870) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,430 (9,320) Pure gold 99.9 purity : Rs 9,480 (9,370) UNI

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