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Silver, gold climbs new height on bullish global advice

Written by: Staff

Mumbai, Mar 2 (UNI) Values of silver closed an all time high again while gold finished four week high on bullish global advice, traders at the bullion market said.

Silver today crossed Rs 13,800 for the first time in the bullion historic day and opened high at Rs 13,830 per kg.

Later it closed again at a new height of Rs 13,840 with a gain of Rs 70 from its last close.

There was brisk speculative demand from local industrial users, alongwith bullish advice from the overseas markets. Sellers were hoarding their stocks due to lesser stocks supply from neighbouring centres.

In London, the white metal was quoted high at US dollar 9.77/9.82 per troy ounce from USD 9.72/9.76 per troy ounce, from its previous day's close.

Standard mint gold (99.5 purity) and pure gold, however, resumed high at Rs 8,125 and Rs 8,165 per 10 gm, respectively. Later both the yellow metal closed four weeks high at Rs 8,130 and Rs 8,175 per ten gm with a gain of Rs 25 each from its last close.

There were lack of offers by stockits on account of good marriage season demand by ornament-makers.

Reports from abroad say gold is expected to move back towards recent 25-year highs after holding key price levels in recent days, analysts said on Thursday.

Gold was hovering around the previous day's near-three-week high.

The yellow metal was also quoted high at USD 563.50/564.00 per troy ounce from USD 562.50/563.00 per troy ounce at its previous close, which reflected to boost in domestic prices, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 13,840 (Rs 13,770), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,130 (Rs 8,105), Pure Gold 99.9 purity : Rs 8,175 (Rs 8,150).


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