Silver and gold touches new peak on bullish global advice

Mumbai, Apr 4 (UNI) Values of silver and gold touched further a new peak of Rs 17,525 per kg and Rs 8,575 per ten gm on bullish global advice, traders at the bullion market here said.

Silver fineness variety opened high at Rs 17,450 per kg. Later it crossed Rs 17,500 mark in mid-session and closed at the highest peak at Rs 17,525 per kg, with a gain of Rs 95 from its yesterday's close.

There was fresh demand and reduced stock supply along with encouraging advice from other global centres.

In London, the white metal was quoted high at US dollar 11.71/11.77 per troy ounce, from the previous close of USD 11.64/11.68 per troy ounce on Monday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,520 and Rs 8,560 per ten gm, respectively. Later both the prices closed at a still higher at Rs 8,530 for standard mint gold and for pure gold at Rs 8,575 per ten gm, with a gain of Rs 35 each from the last close.

Reports from abroad say gold mostly hovered on Tuesday, and traders said the precious metal remained well-placed to mount a fresh challenge to the key psychological level.

There was reduced stock supply by stockists on higher marriage demand by local ornament makers along with firm advice from overseas markets.

Gold was quoted high at USD 587.00/589.00 per troy ounce at London from the previous close of USD 585.00/587.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,525 (Rs 17,430), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,530 (Rs 8,495), Pure Gold 99.9 purity : Rs 8,575 (Rs 8,540).

UNI VD/AR MJ SKB1803