Gold, silver recover on bullish global advice

Mumbai, May 17 (UNI) Values of spot gold and silver recovered smartly by Rs 700 per kg for silver and Rs 365 per ten gms for gold on reduced stock supply coupled with strong advice from global markets, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high this morning at Rs 10,400 and Rs 10,445 per 10 gm respectively on fresh demand.

Both the yellow metals closed higher at Rs 10,500 and Rs 10,555 per ten gm with a huge gain of Rs 355 for standard gold and Rs 365 for pure gold from their yesterday's close.

Sellers were hoarding their stocks because of bullish advice from international markets. The demand was some good in view of marriage season.

In London too, gold was quoted high at USD 690/708 per troy ounce against the previous close of USD 680/684 per troy ounce in New York on Tuesday.

Silver .999 fineness variety also opened upwards at Rs 20,970 per kg on good demand. Later, it closed higher at Rs 21,035 per kg with a massive gain of Rs 700 from its previous close.

There was lesser stock supply from jewellery-makers on account of better buying support.

In London, the white metal was quoted high at US dollar 13.80/14.05 per troy ounce against USD 13.05/13.22 per troy ounce in New York on Tuesday, which improved in the domestic prices, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 21,035 (Rs 20,335), Gold (per 10 gm): Standard mint 99.5 purity : Rs 10,500 (Rs 10,145), Pure gold 99.9 purity : Rs 10,555 (Rs 10,190).

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