Gold, silver closes firm on bullish advice

Mumbai, Jul 20: Values of gold and silver closed firm once again mainly on bullish advice from global markets and fresh demand from jewellers, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity ) prices crossed Rs 9,700 mark again and both the prices resumed high at Rs 9,715 and Rs 9,765 per ten gm from its last close.

Later,both prices maintained an upward trend and closed positive at Rs 9745 for standard mint gold and for pure gold at Rs 9,800 per ten gm.Both the prices rose sharply by rs 245 each from its previous day's closing levels.

There was some improved buying support by ornament makers in view of forthcoming Hindu and marriage festival seasons.Sellers were hoarding their stocks because of higher advice from overseas markets.

In London, the yellow metal was quoted firm at USD 638.50/642.00 per troy ounce, as compared to USD 625.50/626.00 per troy ounce at New York on Wednesday.

Similarily, silver .999 fineness variety also opened high at Rs 17,63 per kg.

Later, it crossed Rs 17,700 mark again during the mid-session and its closed high at Rs 17,765 per kg with a massive gain of Rs 605 from its previous close.

There was lack of offers by stockists in view of firm advice from global markets.Local demand was improved by industrial users.

In London, silver was quoted high at US dollar 11.05/11.10 per troy ounce as compared to its last close of USD 10.69/10.70 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,765 (Rs 17,160), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,745 (Rs 9,500), Pure gold 99.9 purity : Rs 9,800 (Rs 9,555).

UNI