Gold, silver shoot up on increase in fresh demand

Mumbai, July 1 (UNI) Values of gold and silver shot up on increase in fresh demand, traders at the Bombay Bullion Association said today.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 9,190 and Rs 9,235 per 10 gm, respectively. Both the yellow metals ruled better during the session and closed at Rs 9,205 and at Rs 9,255 per 10 gm with a huge gain of Rs 220 each from its yesterday's close. There was better buying support by ornament makers due to encouraging advice from overseas market.

In London, yellow metal was quoted high at USD 612.50/613.00 per troy ounce, as compared to USD 559.50/600.00 per troy ounce at New York on Friday.

Similarly, silver .999 fineness variety also opened high crossing Rs 17,000-mark at Rs 17,050 per kg on good demand. Later, it ruled better and closed at Rs 17,195 per kg with a massive gain of Rs 485 from its previous close.

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

In London, silver was quoted high at US dollar 11.69/11.70 per troy ounce against USD 10.69/10.70 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,195 (Rs 16,710), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,205 (Rs 8,985), Pure gold 99.9 purity : Rs 9,255 (Rs 9,035).

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