Silver down, but yellow metal goes up on firm advice

Mumbai, July 13 (UNI) Mixed trend was seen in bullion closing prices today, as silver eased modestly on poor demand while gold seven week zoomed up owing to firm advice from international markets, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 9,770 and Rs 9.820 per ten gm, respectively, on renewal of fresh demand from jewellers.

Later, both the yellow metals rallied again and closed seven week higher at Rs 9,770 and Rs 9,820 per ten gm, respectively, on strong demand, with a huge gain of Rs 80 each from its yesterday's close.

In London, yellow metal was quoted high at USD 649.50/654.00 per troy ounce, as compared to its last close of USD 646.50/647.00 per troy ounce.

But, silver .999 fineness variety opened low at Rs 18,185 per kg on thin buying support. Later, it improved and closed downwards at Rs 18,250 per kg with a modest loss of Rs five from its previous close.

There was thin demand from local dealers and industrial users in view of discouraging advice from global markets.

In London, silver was quoted low at US dollar 11.62/11.76 per troy ounce, as compared to its last close of USD 11.66/11.67, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,185 (Rs 18,255), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,770 (Rs 9,690), Pure gold 99.9 purity : Rs 9,820 (Rs 9,740).

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