Silver closes at a five-week high, gold firm

Mumbai, July 14 (UNI) Silver closed at a five-week high while gold remained firm mainly on bullish advice from global markets and due to a weak rupee against the US dollar, traders at the Bombay Bullion Association today said.

Pure gold (99.9 purity) variety today touched a new high of Rs 10,000 in the opening session while standard gold (99.5 purity) resumed high at Rs 9,950 on fresh demand from jewellers. Both prices could not maintain the firm trend toward the end of the session.

However, both yellow metals closed at an eight-week high of Rs 9,940 and Rs 9,990 per ten gm respectively on renewed demand, with a huge gain of Rs 170 each from their yesterday's close.

Traders attributed this firm trend to strong advice from international markets. Sellers were hoarding their stocks in view of the forthcoming marriage and festival season.

The Rupee was weak at 46.37/38 against the US dollar which reflected upon the import of gold from abroad. However, there was an improvement in demand from local jewellers.

In London, the yellow metal was quoted high at USD 661.50/662.00 per troy ounce, as compared to USD 649.50/654.00 per troy ounce at New York.

Similarly, silver .999 fineness variety opened flat at Rs 18,250 per kg on moderate buying support. Later, it improved and closed at a five-week high of Rs 18,300 per kg with a modest gain of Rs 50 from its previous close.

There was some good demand from local dealers and industrial users in view of encouraging advice from global markets.

In London, silver was quoted high at US dollar 11.67/11.69 per troy ounce as compared to its last close of USD 11.62/11.65 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,300 (Rs 18,250), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,940 (Rs 9,770), Pure gold 99.9 purity : Rs 9,990 (Rs 9,820).

UNI AR MAZ AW1852