Pure Gold closes at two year's high at Rs 10,460 per ten gm

Mumbai, Nov 6 (UNI) Pure gold today zoomed to a two year's high at Rs 10,460 per ten gm with a gain of Rs 180 from its last close on reduced selling pressure by stock-holders and strong advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver also ended higher at Rs 19,685 per kg with a big gain of Rs 330 from its last close in line with the yellow metal price.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties resumed higher at Rs 10,310 and Rs 10,355 per ten gms respectively on fresh buying support from ornament makers in view of the approaching Diwali festival.

Later, both the prices crossed Rs 10,400 mark for the first time and closed at a two year new peak at Rs 10,410 for standard mint gold and for pure gold at Rs 10,460 per ten gm.

Both the prices rose smartly by Rs 180 per ten gm each from their last close.

Foreign and mutual fund operators turned to invest in the yellow metal, leading to boost in domestic prices.

In London, New York and Asian markets, gold today touched 28 year's high at USD 818.50/820.00 per troy ounce as compared to USD 803.50/806.00 per troy ounce the previous day, which reflected the upward trend in the domestic prices, traders said.

Silver (.999 fineness) variety was quoted above the Rs 19,500 mark and opened higher at Rs 19,525 per kg on improved industrial user's demand.

Later, the white metal crossed Rs 19,600 and closed higher at Rs 19,685 with a major gain of Rs 330 per kg from its previous close.

Traders said there was reduced selling pressure by stockists in view of lesser arrival of stocks from upcountry centres and bullish advice from global markets.

In New York, London and other markets, the white metal was quoted above USD 15.00 barrier and touched a new peak at USD 15.00/15.02 per troy ounce against USD 14.75/14.85 per troy ounce, the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 19,685 (19,355), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,410 (10,230), Pure gold 99.9 purity: Rs 10,460 (10,280).

UNI