Gold, silver shine on bullish global advice

Mumbai, Jun 25: Values of spot gold and silver recovered this week to Rs 8,795 per 10 gm together with silver at Rs 16,100 per kg on bullish global advice, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened low on Monday at Rs 8,520 and Rs 8,705 per 10 gm, respectively, on poor demand by local dealers.

The prices were high on June 22 at Rs 8,845 for standard mint and pure gold at Rs 8,900, while they went low on June 19 at Rs 8,500 and Rs 8,550, respectively.

Finally, they closed at the week-end at Rs 8,750 for standard mint gold and pure gold at Rs 8,795 per 10 gm.

There was a gain of Rs 95 for standard gold while Rs 90 for pure gold from their last day of previous week.

There was some improved demand from jewellers on reduces tock supply along with bullish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted high at around USD 589.00/590.00 per troy ounce during the week ended June 23, as against the previous week-end's close of USD 588.00/589.00 in New York, traders added.

Silver .999 fineness ready grade also opened low on Monday at Rs 15,530 per kg on thin buying support from domestic industrial users. Its high was Rs 16,400 was on June 22 while low was Rs 15,530 was on June 19, and it finally closed high at Rs 16,100 per kg with a massive gain of Rs 200 during the week from the previous week end's close.

In the global markets, silver rose to USD 10.33/10.34 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 10.32/10.33 in New York, traders added.

UNI