Silver zooms up to new high, gold up on bullish global advice

Mumbai, Mar 27 (UNI) Values of silver today shot up further to a new high today at Rs 15,675 per kg, while gold closed at a seven-week high at Rs 8,225 per ten gm on heavy wedding season demand, alongwith firm global advice, traders at the bullion market here said.

Silver fineness variety opened high at Rs 15,495 per kg and crossed Rs 15,600-mark in mid-session and closed at Rs 15,675 per kg, with a massive gain of Rs 465 from its Saturday's close.

There was reduced stock supply and encouraging advice from other centres. There was lack of increase of fresh demand on better buying support, traders added.

Silver reached a new 22-year peak on Monday on persistent hopes that a proposed exchange-traded fund (ETF) will prompt significant demand for the precious metal, reports from abroad said.

In London, the white metal was quoted high at US dollar 10.85/10.90 per troy ounce, from the previous close of USD 10.70/10.75 per troy ounce on Friday at New York.

Earlier, standard mint gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,135 and Rs 8,150 per ten gm, respectively.

Pure gold closed a seven-week high at Rs 8,225 while the standard gold stood at Rs 8,180 per ten gm.

Both the yellow metal gained by Rs 75 each from their last close.

There was heavy marriage-season demand from ornament-makers, along with firm advice from overseas markets.

Gold was quoted high at USD 563.80/564.00 per troy ounce at London from the previous close of USD 559.80/560.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,675 (Rs 15,210), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,180 (Rs 8,105), Pure Gold 99.9 purity : Rs 8,225 (Rs 8,150).

UNI VD/GS GK SKB1835