Silver closes high, gold glitters on firm global advice

Mumbai, Mar 16 (UNI) Prices of silver closed at an all time high at Rs 14,490 per kg with a handsome gain of Rs 200 from it previous day's close on sustained heavy speculative demand in view of strong advice from global markets, traders at the bullion market here said today.

Pure gold also spurted up by Rs 100 to close at Rs 8,040 per 10 gm in line with silver prices, traders added.

Silver fineness quality crossed Rs 14,400 quoting high at Rs 14,415 per kg at the opening session. Later it closed again at a new peak at Rs 14,490 per kg with a handsome gain of Rs 200 from its previous day's close.

There was sustained heavy speculative demand by local operators.

Sellers were hoarding their stocks due to reduced stock supply from neighbouring centres and also encouraging advice from the overseas markets.

In London, the white metal was quoted high at US dollar 10.30/10.35 per troy ounce from the previous close of USD 10.10/10.12 per troy ounce on Wednesday.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) however, opened weak at Rs 7,985 and Rs 8,020 per ten gm, respectively.

But both the yellow metals closed high at Rs 7,990 for standard mint and for pure gold at Rs 8,040 per ten gm.

Both the prices gained smartly by Rs 95 for standard mint and for pure gold by Rs 100 from their last close.

There was fresh demand from ornament makers along with lack of offers by stockist from importers.

The yellow metal was quoted high at USD 551.10/553.50 per troy ounce from the previous close of USD 543.50/544.00 per troy ounce.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,490 (Rs 14,290), Gold (per 10 gm): Standard mint 99.5 purity : Rs 7,990 (Rs 7,895), Pure Gold 99.9 purity : Rs 8,040 (Rs 7,940).

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