Silver records a new high, gold six week high on firm global advice

Mumbai, Mar 3 (UNI) Values of silver recorded today a new high while that of gold ruled six week high on bullish advice from global markets, traders at the bullion market said.

Silver today crossed Rs 14,000 for the first time in the bullion historic day and opened high at Rs 14,295 per kg.

Later it closed again at a new high of Rs 14,375 with a massive gain of Rs 535 from its yesterday's close.

There was heavy fresh demand from local industrial users, alongwith bullish advice from the overseas markets. There was reduced stock supply from other centres.

In London, the white metal was quoted high at US dollar 10.20/10.30 per troy ounce from USD 9.80/9.85 per troy ounce, from its previous day's close.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) crossed Rs 8,200-mark and resumed six week high at Rs 8,200 and Rs 8,245 per 10 gm, respectively.

Later both the yellow metal closed six-weeks high at Rs 8,205 and Rs 8,250 per ten gm with a huge gain of Rs 75 each from its last close.

There were lack of offers by stockists on account of good heavy marriage seasonal demand by ornament-makers. Rupee was stronger at Rs 44.32/33 against per US Dollar also contributed to boost in the domestic prices, traders pointed out.

The yellow metal was also quoted high at USD 566.90/567.00 per troy ounce from USD 563.90/564.00 per troy ounce on its previous close.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,375 (Rs 13,840), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,205 (Rs 8,130), Pure Gold 99.9 purity : Rs 8,250 (Rs 8,175).

UNI VD/AR MJ AG1831