Silver, gold high on bullish advice from International markets

Mumbai, Nov 9 (UNI) Both the precious metals displayed a firm trend with silver rising by Rs 175 per kg and gold by Rs 20 per ten gm today, the last day of trading of the Hindu calender Vikram Samvat year 2063 on lack of selling pressure by stockists in view of bullish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

The ''muhurat'' trading of Vikram Samvat Year 2064 in bullion market will be held tomorrow.

Silver (.999 fineness) variety was quoted above the Rs 20,200 mark and opened firm at Rs 20,205 per kg on scattered demand from local industrial users and coin makers.

Later, the white metal closed high at Rs 20,225 per kg with a major gain of Rs 175 per kg from its previous close.

Traders said there was lack in selling pressure by stockists in view of lesser arrival of stocks from upcountry centres and better advice from global markets. However, local demand was moderate from dealers.

In New York, London and other markets, the white metal touched a high at USD 15.60/15.65 per troy ounce against USD 15.30/15.45 per troy ounce, the previous day, traders added.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties resumed high at Rs 10,605 and Rs 10,625 per ten gms respectively on reduced offers by stockists. Local buyers, particularly ornament makers, were lifting their stocks due to wide fluctuations in the foreign markets. There was encouraging advice from International markets.

Later, both the prices closed high at Rs 10,625 for standard mint gold and for pure gold at Rs 10,670 per ten gm.

Both the prices rose by Rs 20 per ten gm for standard mint and pure gold by Rs 15 from their last close.

In London, New York and Asian markets, gold today was quoted high at USD 835.50/836.00 per troy ounce as compared to USD 830.50/834.00 per troy ounce the previous day, which reflected the upward trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 20,225 (20,050), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,625 (10,605), Pure gold 99.9 purity: Rs 10,670 (10,655).

UNI