Silver, Gold close firm on bullish advice from Int mkts

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Mumbai, Oct 10 (UNI) Precious metals today recovered lost ground to post handsome gains with Silver rising by Rs 280 per kg and Gold by Rs 135 per ten gm in view of bullish advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) price was quoted above the 18,000 mark and opened higher at Rs 18,120 per kg on increase in buying support from industrial users.

Later, the white metal rallied again and closed firm at Rs 18,135 with a massive gain of Rs 280 per kg from its previous close. Sellers reserved their stocks in view of bullish global and upcountry advice. In New York and London markets, the white metal touched a high of around 13.68/13.74 US Dollars per troy ounce against USD 13.30/13.35 per troy ounce, the previous day.

Standard gold (99.5) was also quoted above 9,400 level and resumed higher at Rs 9,450, while pure gold opened firm at Rs 9,500 per ten gm on fresh buying support from ornament makers.

Later, the yellow metal prices moved again up and they closed further positive at Rs 9,480 for standard mint gold and pure gold at Rs 9,530 per ten gm with a major gain of Rs 135 each from their last close.

There was fresh demand by ornament makers in view of forthcoming Dussera festival. Sellers were not selling their stocks because of bullish trend in the international markets.

In London, Gold was firm at around 742.50/744.00 per troy ounce, compared to USD 730.25/734.50 on the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,135 (17,855) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,480 (9,345) Pure gold 99.9 purity : Rs 9,530 (9,395) UNI

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