Silver at highest peak, gold shines on bullish global advice

Mumbai, Apr 3 (UNI) Values of silver climbed to its highest peak at Rs 17,430 per kg, while gold also rose at Rs 8,540 per ten gm on bullish global advice, traders at the bullion market here said today.

Silver fineness variety opened high at Rs 17,370 per kg and closed at the highest peak at Rs 17,430 per kg, with a massive gain of Rs 235 from its Saturday's close.

Sellers were hoarding their stock in view of an increase in fresh demand. There was reduced stock supply along with encouraging advice from other global centres.

Silver recovered after sharply falling from a new 22-year peak on Friday as investors remained convinced that a proposed exchange-traded fund would boost demand, a report from abroad said.

In London, the white metal was quoted high at US dollar 11.60/11.64 per troy ounce, from the previous close of USD 11.45/11.50 per troy ounce on Friday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,485 and Rs 8,525 per ten gm, respectively, and closed at still higher at Rs 8,495 and Rs 8,540 per ten gm, with a gain of Rs 40 each from the last close.

There was lesser stock supply by stockists on improved demand by local ornament makers along with firm advice from overseas markets.

Reports from overseas says gold rebounded on Monday after slipping earlier from highs and targeted the next big level with funds and investors positive about the outlook, Gold was quoted high at USD 580.50/587.00 per troy ounce at London from the previous close of USD 580.50/582.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,430 (Rs 17,195), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,495 (Rs 8,455), Pure Gold 99.9 purity : Rs 8,540 (Rs 8,500).

UNI VD/AR KU AG1825