Gold, silver values recover on bullish global advice

Mumbai, June 15 (UNI) Values of gold and silver today recovered smartly on reports of bullish global advice, traders at the bullion market said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,480 and Rs 8,525 per 10 gm, respectively.

Both the yellow metals recovered smartly and closed at Rs 8,560 and at Rs 8,605 per 10 gm with a huge gain of Rs 90 for standard gold and Rs 95 for pure gold from their yesterday's close.

There was an increase of fresh demand by stockists on lesser stock supply in view of bullish advice from global markets.

In London, yellow metal was quoted high at USD 570.50/573.00 per troy ounce, as compared to USD 560.50/566.00 per troy ounce at New York yesterday.

Similarly, silver .999 fineness variety also opened higher at Rs 15,350 per kg on improved demand. Later, it closed still higher at Rs 15,660 per kg with a massive gain of Rs 315 from its previous close.

There was better buying support from local dealers and industrial users in view of encouraging advice from overseas markets.

In London, silver was quoted high at US dollar 10.10/10.15 per troy ounce against USD 9.80/9.82 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,660 (Rs 15,315), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,560 (Rs 8,470), Pure gold 99.9 purity : Rs 8,605 (Rs 8,515).

UNI VD SSS VKG1822