Gold prices at seven days high, silver rises

Mumbai, Jul 27: Values of gold stood at one-week high while silver rose on sustained heavy demand in view of forthcoming festival season along with bullish global advice, traders at the Bombay Bullion Association today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened up at Rs 9,525 and Rs 9,570 per ten gm on increased fresh demand.

Later, both the yellow metals closed at one-week high at Rs 9,560 and at Rs 9,620 per ten gm, with a huge gain of Rs 170 for standard gold and Rs 180 for pure gold from their yesterday's close.

There was better buying support from ornament-makers in view of encouraging advice from overseas market.

In London, the yellow metal was quoted high at USD 629.00/630.00 per troy ounce, as compared to USD 616.50/617.00 per troy ounce at New York on Wednesday.

Similarly, silver .999 fineness variety also opened high at Rs 17,770 per kg. Later, it improved and closed higher at Rs 17,860 per kg with a massive gain of Rs 240 from its last close.

There was good demand by stockists in view of good advice from overseas markets.

In London, silver also quoted high at US dollar 11.16/11.17 per troy ounce as compared to its last close of USD 10.89/10.90 at New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,860 (Rs 17,620), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,560 (Rs 9,390), Pure gold 99.9 purity : Rs 9,620 (Rs 9,440).

UNI