Gold, silver values rises on bullish global advice

Mumbai, June 16 (UNI) Values of gold and silver rose for the consecutive second day today following a report from bullish global advice, traders along with firm trend at Bombay Stock Exchange, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,675 and Rs 8,720 per 10 gm, respectively.

Both the yellow metals improved better and closed at Rs 8,680 and at Rs 8,730 per 10 gm with a huge gain of Rs 120 for standard gold and Rs 125 for pure gold from their yesterday's close.

There was a better buying support by stockists on reduced stock supply in view of bullish advice from global markets.

Reports from abroad say that gold prices jumped more than three percent on Friday on follow-through buying after a strong recovery in U S trade, with dollar weakness and firm oil underpinning the mark.

In London, yellow metal was quoted high at USD 580.50/581.00 per troy ounce, as compared to USD 570.50/573.00 per troy ounce at New York on Thursday.

Similarly, silver .999 fineness variety also opened higher at Rs 15,790 per kg on improved demand. Later, it closed still higher at Rs 15,910 per kg with a massive gain of Rs 250 from its previous close.

There was increase of fresh demand from local dealers and industrial users in view of encouraging advice from overseas markets. There was also bullish trend at Bombay Stock Exchange, dealers said.

In London, silver was quoted high at US dollar 10.20/10.30 per troy ounce against USD 10.10/10.15 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 15,910 (Rs 15,660), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,680 (Rs 8,560), Pure gold 99.9 purity : Rs 8,730 (Rs 8,605).

UNI VD-AR MJ AG1812