Gold, silver prices shoot up on bullish global advice

Mumbai, July 2: Values of spot gold and silver shot up to close the week on a higher note at Rs 9,235 per 10 gm together with silver at Rs 17,050 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 high on Monday at Rs 8,785 and Rs 8,830 per 10 gm, respectively, on good demand by local dealers.

The prices were high on July one at Rs 9,205 for standard mint and pure gold at Rs 9,255, while they went low on June 29 at Rs 8,755 and Rs 8,800, respectively.

Finally, they closed at the week-end at Rs 9,190 for standard mint gold and pure gold at Rs 9,235 per 10 gm.

Both the yellow metal show a huge gain of Rs 440 from their last day of previous week.

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

Meanwhile, in the global markets like London, gold was quoted high at around USD 612.00/613.00 per troy ounce during the week ended June 30, as against the previous week-end's close of USD 582.00/583.00 in New York, traders added.

Silver .999 fineness ready grade also opened high on Monday at Rs 16,135 per kg on better buying support from domestic industrial users. Its high was Rs 17,195 was on July one while low was Rs 16,035 was on June 29, and it finally closed high at Rs 17,050 per kg with a massive gain of Rs 950 during the week from the previous week end's close.

In the global markets, silver rose to USD 11.69/11.70 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 10.33/10.34 in New York, traders added.

UNI