Gold and silver prices zoom

Mumbai, July 16: Values of spot gold and silver zoomed up once again to an eight-week high of Rs 10,050 per 10 gm for gold and a six-week high of Rs 18,315 per kilogram for silver during the week-end on bullish global advice, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened weak on Monday at Rs 9,410 and Rs 9,455 per 10 gm respectively on poor demand from local dealers.

The prices were high on July 15 at Rs 10,000 for standard mint and Rs 10,050 for pure gold, while they went low on July 10 at Rs 9,360 and Rs 9,410 respectively.

Finally, they closed the week at an eight-week high of Rs 10,000 for standard mint gold and pure gold at Rs 10,050 per 10 gm.

Both the yellow metals recorded a massive gain of Rs 550 each from their previous week-end closes.

There was a heavy demand from jewellers in view of encouraging advice from global markets.

Meanwhile, in the global markets like London, gold was quoted high at around USD 666.00/666.40 per troy ounce during the week ended July 14 as against the previous week-end's close of USD 631.00/531.45 in New York, traders added.

Silver .999 fineness ready grade also opened high on Monday at Rs 17,775 per kg on fresh demand from domestic industrial users.

It touched a high of Rs 18,315 on July 15 while recording its low of Rs 17,650 on July 10. It finally closed at a six-week high of Rs 18,315 per kg with a huge gain of Rs 445 during the week from the previous week's close.

In the global markets, silver also quoted high at USD 11.49/11.50 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 11.37/11.38 in New York, traders added.

UNI