Precious metals rise further on further advice

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Bullion
Mumbai, May 8: Both the precious metals zoomed ahead today with Silver up by Rs 100 per kg and standard Gold by Rs 95 per ten gm on strong global cues, traders at the Bombay Bullion Association said.

Silver .999 fineness variety opened upward at Rs 23,030 per kg from its previous level. Later, it closed at Rs 23,120, with a gain of Rs 100 from its previous close. In the yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 11,710 and Rs 11,770 per ten gm respectively due to increase in demand by ornament makers.

Later, both the prices further increased and closed higher at Rs 11,750 per ten gm for standard gold and for pure gold at Rs 11,805 per ten gm. Both, standard and pure gold shot up by Rs 95 and Rs 90 per ten gm repectively from their previous close.

For the fifth straight session, an upward swing was seen in the precious metals. Silver has soared by Rs 790 per kg and gold by Rs 495 per ten gm.

In the international market, precious metals edged higher on strong oil and the dollar's rise to a two-month high against the euro.

In London, Gold recorded USD 871.00/872.60 an ounce while silver recorded USD 16.59/16.60 an ounce, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 23,120 (23,020) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,750 (11,655) Pure gold 99.9 purity: Rs 11,805 (11,715).

UNI

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