Gold, silver prices recover on buying support

Mumbai, Jun 24: Values of gold and silver recovered on fresh buying support, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,755 and Rs 8,800 per 10 gm, respectively.

Both the yellow metals closed at Rs 8,750 and at Rs 8,795 per 10 gm with a gain of Rs 30 each from their yesterday's close.

There was an good demand by stockists on reduced stocks supply.

In London, yellow metal was quoted high at USD 582/583.00 per troy ounce, as compared to USD 574.50/575.00 per troy ounce at New York Friday.

Similarly, silver .999 fineness variety opened upwards at Rs 16,060 per kg on increase of fresh demand. Later, it closed still higher at Rs 16,100 per kg with a massive gain of Rs 220 from its previous close.

There was improved demand from local dealers and industrial users along with encouraging advice from overseas markets.

In London, silver was quoted high at US dollar 10.33/10.34 per troy ounce against USD 10.05/10.10 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,100 (Rs 15,880), Gold (per 10 gm): Standard mint 99.5 puri : Rs 8,750 (Rs 8,720), Pure gold 99.9 purity : Rs 8,795 (Rs 8,765).

UNI