Gold closes at eight-week high again, silver declines

Mumbai, July 17 (UNI) Values of gold closed at eight-week high once again on increase of fresh demand at Rs 10,120 per ten gm, but silver declined at Rs 18,295 per kg, on reports of weak global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened positive on heavy demand and quoted at Rs 10,140 for standard mint gold and for pure gold at Rs 10,190 per ten gm, respectively.

Both the yellow metal closed eight week high at Rs 10,070 for standard mint and for pure gold at Rs 10,120 per ten gm with a gain of Rs 70 each from its Saturday's close.

There was better buying support by stockist on encouraging adivce from overseas markets.

In London, the yellow metal was quoted high at USD 662.50/663.00 per troy ounce, as compared to USD 665.50/666.00 per troy ounce at New York on Friday.

Silver .999 fineness variety also opened high at Rs 18,500 per kg on lesser stock supply. But later, it closed low at Rs 18,295 per kg with a loss of Rs 20 from its precious close.

There was lack of fresh demand from local dealers and industrial users in view of poor advice from global markets.

In London, silver was quoted low at US dollar 11.44/11.45 per troy ounce as compared to its last close of USD 11.53/11.54 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,295 (Rs 18,315), Gold (per 10 gm): Standard mint 99.5 purity : Rs 10,070 (Rs 10,000), Pure gold 99.9 purity : Rs 10,120 (Rs 10,050).

UNI VD-AR MJ SKB1842