Silver rises, gold glitters on firm global advice

Mumbai, Mar 19 (UNI) Prices of silver rose to a all time high, while that of gold went up on a reduced stock supply during the week ended yesterday, mainly on bullish global advice.

Both the white and yellow metals showed a massive gain of Rs 335 per kg and Rs 155 per ten gm respectively during the week, traders at the Bombay Bullion Association said.

Silver .999 fineness grade opened high on Monday at Rs 14,215 per kg on good demand from domestic industrial users.

Its high was at Rs 14,490 per kg on March 16, while its low of Rs 14,215 per kg was on March 13.

Silver finally closed high at Rs 14,485 per kg with a huge gain of Rs 335 over the previous week's end-close.

There was increase in fresh demand from ornament makers and also from industrial users, the traders said. Sellers were offloading their stocks due to lesser stocks arrivals from neighbouring centres.

In the global markets, silver also went up at USD 10.30/10.35 per troy ounce during the week ended on last Friday, as against its previous week's close of USD 9.90/9.94, they added.

Standard mint gold (99.5) also opened high at Rs 7,910 per ten gm on Monday, on improved demand. Its high of Rs 8,020 was on March 17 and a low of Rs 7,890 on March 14, before closing the week at Rs 8,010 per ten gm, with a huge gain of Rs 145 from its previous week's close.

Pure gold (99.9) also opened high on Monday at Rs 7,955 per ten gm on better buying support. It reported its low on March 14 at Rs 7,930 and high at Rs 8,060 on March 17, and closed the week at Rs 8,055 with a huge gain of Rs 155 from its previous close, Sellers were hoarding their stocks in view increase of fresh demand by stockists, along with bullish advice from global markets.

Meanwhile, in the global markets like London, gold was at around USD 553.90/554.00 per troy ounce during the week ended on March 17 as against the previous week's close of USD 540.90/541.00, traders added.

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