Gold, silver recovers on bullish global advice

Mumbai, June 30 (UNI) Values of gold and silver recovered on bullish global advice, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high crossing Rs 9,000-mark at Rs 9,005 and Rs 9,050 per 10 gm, respectively.

Both the yellow metals drifted lower during the session and closed at Rs 8,985 and at Rs 9,035 per 10 gm. with a huge gain of Rs 230 for standard gold and Rs 235 for pure gold from their yesterday's close.

There was increase of fresh demand by ornament makers due to encouraging advice from overseas market.

Reports from abroad say that gold rose on Friday as the dollar weakened after the U S Federal Reserve raised interest rates, as expected, but left open the possibility it will take a break from a two-year campaign of interest rate increases.

In London, yellow metal was quoted high at USD 559.50/600.00 per troy ounce, as compared to USD 581.00/582.50 per troy ounce at New York on previous day.

Similarly, silver .999 fineness variety also opened upwards at Rs 16,670 per kg on better demand. Later, it ruled better and closed at Rs 16,710 per kg with a massive gain of Rs 605 from its previous close.

There was good demand from local dealers and industrial users along with better advice from overseas markets.

In London, silver was quoted high at US dollar 10.69/10.70 per troy ounce against USD 10.20/10.25 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 16,710 (Rs 16,105), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,985 (Rs 8,755), Pure gold 99.9 purity : Rs 9,035 (Rs 8,800).

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