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Gold on 1 mth high, silver rates up on bullish advice

Written by: Staff

Mumbai, July 6: Values of gold today hit a one-month high at Rs 9,400 per ten gm while silver also rose almost a month high at Rs 17,650 per kg on fresh buying support, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 9,360 and Rs 9,405 per 10 gm, respectively. After a break of two days, both the yellow metals closed at a month high at Rs 9,345 and Rs 9,400 per 10 gm with a gain of Rs 55 for standard gold and Rs 60 for pure gold from their Monday'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 623.50/624.00 per troy ounce.

Similarly, silver .999 fineness variety also opened almost a month high at Rs 17,585 per kg on good demand. Later, it ruled better and closed at Rs 17,650 per kg with a huge gain of Rs 135 from its previous close.

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

In London, silver was quoted high at US dollar 11.34/11.35 per troy ounce, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,650 (Rs 16,515), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,345 (Rs 9,290), Pure gold 99.9 purity : Rs 9,400 (Rs 9,340).


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