Silver, Gold snap downward trend; end higher

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Mumbai, Aug 27 (UNI) Snapping the downward trend, both the precious metals recovered today with Silver strengthening by Rs 295 per kg to close at Rs 21,160 and Gold moved up by Rs 200 per ten gm to end at Rs 11,895, on good demand by industrial users, traders at the Bombay Bullion Association said.

Silver opened high at Rs 21,070 on sustained demand by ornament makers.

Later, the white metal ended at Rs 21,160, with a gain of Rs 295 from its last close, on brisk buying support by local dealers.

Standard gold and pure gold too opened high at Rs 11,820 and Rs 11,885 respectively on sustained demand from stockists.

Later, standard gold and pure gold ended at Rs 11,895 and Rs 11,970 per ten gm respectively, advancing by Rs 200 and Rs 205 per ten gm respectively on renewed demand along with bullish gobal advice.

In London and Asian markets, Gold was recorded at USD 832.00/833.00 per troy ounce against the previous day's 820.00/820.25, while the white metal was quoted at USD 13.79/13.80 per ounce from USD 13.39/13.40 per ounce from its last close, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 21,160 (20,865) Gold (per 10 gm): Standard mint 99.5 purity: Rs 11,895 (11,695) Pure gold 99.9 purity: Rs 11,970 (11,765).

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