Silver, gold close higher

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Mumbai, Oct 12 (UNI) Both the precious metals closed higher for the third consecutive day today with silver gaining by Rs 120 per kg and gold by Rs 15 per ten gm on reduced offers from stockists and bullish advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) variety opened high by Rs 15 at Rs 18,185 per kg on lack of offers from stockists.

Later, the white metal rallied again and closed firm at Rs 18,280 with a massive gain of Rs 120 per kg from its previous close. The white metal zoomed up by Rs 425 per kg in last three days.

There was brisk demand from industrial users in view of bullish global and upcountry advice.

In New York, London and other markets, the white metal touched a high of around 13.80/13.85 US dollars per troy ounce against USD 13.65/13.75 per troy ounce, the previous day.

Standard gold (99.5 purity) and pure gold (99.9 purity) varieties however, resumed lower by Rs five each to Rs 9,520 and Rs 9,570 per ten gm on lack of fresh buying support from ornament makers.

Later, the yellow metal prices recovered and closed positive at Rs 9,540 for standard mint gold and pure gold at Rs 9,590 per ten gm with a gain of Rs 15 each from their last close.

The yellow metal has soared by Rs 195 per ten gm during the last three sessions.

There was brisk festival festival demand. Sellers were holding their stocks due to bullish trend in the international markets.

In London, gold was firm at around 747.50/750.00 per troy ounce, compared to USD 740.25/7429.50 on the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,280 (18,160) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,540 (9,525) Pure gold 99.9 purity: Rs 9,590 (9,575) UNI

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