Precious metals end higher on firm advices

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Mumbai, Dec 26 (UNI) The precious metals rallied for the second consecutive day today with Silver up by Rs 55 per kg and Gold by Rs five per ten gm on festival demand and bullish trend in Asian markets, traders at the Bombay Bullion Association (BBA) said.

Silver (.999 fineness) variety resumed firm at Rs 19,115 per kg on reduced offers by stockists. Later, it closed in green at Rs 19,170 per kg with a gain of Rs 55 per kg from its last close.

There was good festival demand because of encouraging advices from Asian markets.

Similarly, values of standard mint gold (99.5 purity) and pure gold (99.9 purity), however. opened lower at Rs 10,385 per ten gm and Rs 10,435 per ten gm respectively on lack of fresh buying support by local ornament makers.

Later, both standard and pure gold prices recovered towards the end of the session and closed positive at Rs 10,395 and Rs 10,445 per ten gm respectively. Finally, both the prices further gained slightly by Rs five each as compared to their previous close.

Traders received a report from Tokyo that Spot gold rose in thin trading in Asian markets on Tuesday, buoyed by firmness in Japanese futures and oil prices.

Cash gold was trading at USD 812.80/813.60 an ounce as of 0700 GMT, up from USD 806.70/807.50 late in Asia the previous day. It was also slightly higher compared with USD 812.30/813.10 late in U.S. trade on Monday.

U.S. and London participants were away for the Christmas holiday on Tuesday.

COMEX gold futures fell in Asia from their settlements in New York on Monday. The most active February contract rose USD 00.30, or 0.04 percent, at USD 816.80 from Monday's New York settlement of USD 816.50. Silver advanced to USD 14.52/14.57 an ounce from late Asia on Tuesday, but it was unchanged from Monday's late U.S. level, which helped the upward trend in both the domestic prices, traders pointed out.

Following were the spot Silver and Gold closing prices: Silver (per kg) .999 grade Rs 19,170 (19,115) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,395 (10,390) Pure gold 99.9 purity: Rs 10,445 (10,440) UNI AR OBB AG1851

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