Silver, gold closes at eight weeks high

Mumbai, May 22: Prices of spot silver and gold rallied for the second consecutive day today, to end at an eight weeks high of Rs 25,045 per kg, with a massive gain of Rs 335 and pure gold at Rs 12,945 per ten gm, with a gain of Rs 85 per ten gm, on reduced offers by local stock-holders, in view of distinctly firm advice from Asian markets, traders at the Bombay Bullion Association said.

Silver prices went up by Rs 1,070 per kg, while gold by Rs 385 per ten gm in the last few days.

Traders attributed this bullish march mainly to strong crude oil prices and hectic activities in precious metals at the global markets. They were costlier by 25 per cent due to more input cost in imported precious metals following appreciation in rupee, since the last few days as it quoted between at 42.98 and 43.05 against per US dollar.

In the yellow metal segment, standard gold (99.5 purity) and pure gold (99.9 purity) quoted above Rs 13,000 per ten gm each and resumed firm at Rs 13,020 and Rs 13,080 per ten gm respectively, on fresh demand from jewellery makers.

Later, both the prices again rallied and closed at a eight weeks high of Rs 12,885 per ten gm and pure gold at Rs 12,945 per ten gm. The prices shot up again by Rs 85 for both the varieties, from their last close.

Similarly, Silver .999 fineness variety was quoted above Rs 25,000 mark and opened high at Rs 25,450, on renewed demand from industrial users.

Later, it closed at a eight weeks high of Rs 25,045 per kg, with a massive gain of Rs 335 per kg from its previous finish, on lack of offers by stockists. There was good buying support from local industrial users.

In London and Asian countries, the yellow metal quoted high at USD 925.80 to USD 932.50 per troy ounce, as compared to USD 920.40/923.80 on the previous day, while the white metal touched high USD at 17.85/18.12 against 17.70/17.75 per troy ounce, on earlier day, which helped to boost the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 25,045 (24,710) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,885 (12,800) Pure gold 99.9 purity: Rs 12,945 (12,860)

UNI