Gold, silver close high on strong advice from global markets

Mumbai, June 22 (UNI) Values of gold and silver closed to a firm trend on strong advice from global markets along with some heavy speculative demand, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,840 and Rs 8,890 per 10 gm, respectively.

Both the yellow metals closed at Rs 8,845 for standard mint gold and for pure gold at Rs 8,900 per 10 gm.

Both the prices shot up by Rs 240 for standard mint gold and for pure gold by Rs 245 from their yesterday's close.

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

In London, yellow metal was quoted high at USD 587.00/587.50 per troy ounce, as compared to USD 574.50/575.00 per troy ounce at New York yesterday.

Similarly, silver .999 fineness variety, also crossed Rs 16,000 mark and opened high at Rs 16,245 per kg on fresh demand. Later, it closed still higher at Rs 16,400 per kg with a massive gain of Rs 520 from its previous close.

There was heavy buying support from local dealers and industrial users along with encouraging advice from overseas markets.

In London, silver was quoted high at US dollar 10.54/10.56 per troy ounce against USD 10.25/10.28 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,400 (Rs 15,885), Gold (per 10 gm): Standard mint 99.5 puri : Rs 8,845 (Rs 8,605), Pure gold 99.9 purity : Rs 8,900 (Rs 8,655).

UNI AR KU SKB1843