Gold, silver prices sharply rise on bullish global advice

Mumbai, July 30 (UNI) Values of spot gold and silver closed high at Rs 9,655 per ten gm and Rs 18,005 per kg, respectively, during the week ended on sustained heavy demand, in view of forthcoming Hindu festival along with bullish advice from global markets, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened weak on Monday at Rs 9,360 and Rs 9,410 per 10 gm, respectively, on poor demand from local dealers.

The prices were high on July 29 at Rs 9,600 for standard mint and Rs 9,655 for pure gold, while they fell on July 24 at Rs 9,360 and Rs 9,410, respectively.

Finally, they closed the week high at Rs 9,610 for standard mint gold and Rs 9,655 for pure gold per 10 gm.

Both the yellow metals recorded a huge gain of Rs 170 for standard gold and Rs 160 for pure gold, from their previous weekend close.

There was better buying support from jewellers in view of encouraging advice from global markets.

Meanwhile, in the global markets like London, gold was quoted high at around USD 634.50/635.00 per troy ounce during the week ended July 28, as against the previous weekend's close of USD 619.25/620.45 in New York, traders added.

Silver .999 fineness ready grade also opened low on Monday at Rs 17,310 per kg on poor demand from domestic industrial users.

It touched the Rs 18,000-mark on July 28 at Rs 18,040, while its low of Rs 17,310 on July 24. It finally closed high at Rs 18,005 per kg with a massive gain of Rs 510 during the week from the previous week's close.

In the global markets, silver also quoted high at USD 11.35/11.36 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 10.80/10.82 in New York, traders added.

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