Precious metals up: Bombay Bullion Assn

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Mumbai, May 5 : Both the precious metals surged ahead today with Silver rising by Rs 215 per kg and Gold by Rs 95 per ten gm on brisk buying support from stockists and strong global advice, traders at the Bombay Bullion Association said.

In the International market, the precious metals soared as the dollar jumped up and oil was recorded at USD 117 per barrel. Silver .999 fineness variety opened high at Rs 22,800 per kg from its previous finish, on fresh demand at lower level from industrial users. Later, it closed firm at Rs 22,770, gaining by Rs 215 per kg from its last finish, on good demand from local industrial users. In the yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 purity) opened upward at Rs 11,360 and Rs 11,420 per ten gm respectively due to better buying support by ornament makers.

Later, both the prices closed higher at Rs 11,400 per ten gm for standard gold and for pure gold at Rs 11,460 per ten gm.

The prices inched up by Rs 95 for standard mint and pure gold each from their last finish. Sellers were hoarding their stocks due to strong advice from global markets.

In London, gold edged up at USD 864.20/865.40 against USD 854.20/855.40 an ounce while silver also rose to USD 16.62/16.63 an ounce from USD 16.38/16.43 per ounce during the same period, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 22,770 (22,555) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,400 (11,305) Pure gold 99.9 purity: Rs 11,460 (11,365)


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