Precious metal at its highest peak on firm global advice

Mumbai, Apr 10 (UNI) Values of silver and gold reached its highest peak today on bullish global advice, traders at the bullion market said.

Silver .999 fineness variety opened high at Rs 18,445 per kg.

and closed at its highest of Rs 18,545 per kg, with a massive gain of Rs 460 from its Saturday's close of Rs 18,085 per kg.

There was fresh demand from ornament makers, along with encouraging advice from other global markets.

In London, the white metal was quoted high at US dollar 12.40/12.42 per troy ounce, against USD 12.05/12.10 per troy ounce on Friday in New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) also opened high at Rs 8,655 and Rs 8,700 per 10 gm, respectively.

Later, both the yellow metal also closed at its highest of Rs 8,705 for standard mint gold and for pure gold at Rs 8,750 per 10 gm with a huge gain of Rs 130 from its last close.

There was reduced stock supply by jewellery makers as sellers were hoarding their stocks in the overseas market.

Reports from abroad say that gold rose on Monday but remained below a 25-year peak of USD 598 an ounce hit last week, while silver gained more than two percent to hit new highs not seen in more than 22 years.

Gold was quoted high at USD 598.80/599.00 per troy ounce in London from the previous close of USD 588.00/588.50 per troy ounce in New York on Friday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,545 (Rs 18,085), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,705 (Rs 8,575), Pure gold 99.9 purity : Rs 8,750 (Rs 8,620).

UNI VD/AR KU SKB1830